Sünde und Rechtfertigung bei Paulus: Eine exegetische Untersuchung zum paulinischen Sündenverständnis aus soteriologischer Sicht. Dissertationsschrift 9783161510069, 3161510062

Table of contents :
Cover
Vorwort
Inhaltsverzeichnis
1. Einleitung
2. Das paulinische Sündenverständnis in der Paulusforschung
2.1 Untersuchungen zum paulinischen Sündenverständnis
2.1.1 P. WERNLE (1897): Der Christ und die Sünde bei Paulus
2.1.2 H. WINDISCH (1908): Taufe und Sünde im ältesten Christentum
2.1.3 R. BULTMANN (1924/1932): Ethik und Anthropologie bei Paulus
2.1.4 W. G. KÜMMEL (1929): Römer 7 und die Bekehrung des Paulus
2.1.5 G. BORNKAMM (1939/1950): Sünde, Tod und Neues Leben in der Taufe
2.1.6 G. RÖHSER (1987): Metaphorik und Personifikation der Sünde
2.1.7 I. GOLDHAHN-MÜLLER (1989): Die Grenze der Gemeinde
2.1.8 R. KIRCHHOFf (1994): Die Sünde gegen den eigenen Leib
2.1.9 S. HAGENOW (1996): Heilige Gemeinde – Sündige Christen
2.1.10 H. UMBACH (1999): In Christus getauft – von der Sünde befreit
2.1.11 T. L. CARTER (2002): Paul and the Power of Sin
2.2 Die Sündenthematik in Untersuchungen zur pln. Rechtfertigungslehre
2.3 Fazit
3. Der Begriff »Sünde« in der atl. und griech. Tradition
3.1 Der Begriff »Sünde« im jüdischen Denken
3.1.1 Die Terminologie
3.1.2 Die Überwindung von Sünde
3.2. Der Begriff »Sünde« in der Gräzität
3.2.1 Die griechische Sündenvorstellung
3.2.2 Die Überwindung von Sünde
3.3 Fazit
Teil I Sünde und Sühnungstheologie des Paulus
4. Paulus als ›diachrone‹ Gestalt und seine Briefe als ›synchrone‹ Quelle
4.1 Theologie und Kerygma des Paulus
4.1.1 Die Theologie des ›Paulus‹ und der ›paulinischen Briefe‹
4.1.2 Sünde als Schlüssel zum Kerygma des Paulus
4.1.3 Ist die ungeschriebene Theologie rekonstruierbar?
4.2 Die historisch-kritische Aussonderung von Traditionen
4.3 Vorpaulinische Kerygmata für die Rekonstruktion des paulinischen Protokerygmas
4.3.1 Formeln als vorpaulinisches Gedankengut
4.3.2 Die Sündenüberwindung als vorpaulinisches und paulinisches Kerygma
4.4 Fazit
5. Der Sühnetod Jesu und seine Deutung in der vorpln. und pln. Theologie
5.1 Die Analogie und Disanalogie des Sühnetodes Jesu
5.1.1 Ein Opfertod oder ein stellvertretender Tod?
5.1.2 Begriffsbestimmung: Kultvorstellung und Stellvertretungsgedanke
a) Der jüdische Hintergrund – Die Spiritualisierung des alttestamentlichen Kults
b) Der christliche Hintergrund – Jesu Tod als Überbietung des alttestamentlichen Rituals
5.1.3 Die Notwendigkeit der Sühne
5.2 Die vorpaulinischen und paulinischen Aussagen über den Tod Jesu
5.2.1 Die ύπέρ-Formel
5.2.2 Die Abendmahlstradition und der neue Bund
5.2.3 Das ίλαστήριον in Röm 3,25
5.2.4 Dahingabe wegen unserer Sünden (Röm 4,25)
5.2.5 Die allgemeine Sündhaftigkeit und die Sühne (Röm 5,1–11; 2Kor 5,14f.21)
5.2.6 περì ἁμαϱτίας in Röm 8,3
5.3 Fazit
6. Die Herkunft der Rechtfertigungslehre im Rahmen der Sühnungstheologie
6.1 Der Rechtfertigungsgedanke in der außerpaulinischen Literatur
6.1.1 Die Gerechtigkeit Gottes in der jüdischen Literatur
6.1.2 Die Rechtfertigung in der jüdischen Literatur
6.1.3 Sühne und Rechtfertigung im Alten Testament
6.1.4 Rechtfertigung im außerpaulinischen Neuen Testament
6.1.4.1 Lk 18,14a
6.1.4.2 Apg 13,38f
6.1.4.3 Sonstige Belege im Neuen Testament
6.2 Rechtfertigungsaussagen in den Paulusbriefen
6.2.1
6.2.2
6.2.3 Die Rechtfertigungsaussage in Gal 2,16
6.2.4 Die Rechtfertigungsaussage in Röm 3,24–26
6.2.5
6.2.6 Die Rechtfertigungslehre in Röm 6,1–11
6.3 Fazit
7. Die Sühnungstheologie und ihre Relevanz für Heiden
7.1 Sühnevorstellung in kleinasiatischen Beichtinschriften
7.1.1 Prozess der kleinasiatischen Beichte
7.1.2 Wesen der Sünde
7.1.3 Gottes Zorn und Sühnung
7.1.4 Vergleich der jüdischen und kleinasiatischen Sühnevorstellung
7.2 Griechisch-römische Opfervorstellung
7.2.1 Prozess und Bedeutung
7.2.2 Vergleich der jüdischen und der griechisch-römischen Opfervorstellung
7.3 Gewissen – Kriterium für Sünde unter Heiden
7.3.1 Gewissen als vorausgesetztes Urteilskriterium
7.3.2 Gewissen und Rechtfertigung
7.4 Fazit
8. Die Rekonstruktion des pln. Protokerygmas aus hamartiologischer Sicht
8.1 Die Rekonstruktion des pln. Protokerygmas aus dem Römerbrief
8.1.1 Die Beziehung zwischen Protokerygma und Theologie
8.1.2 Der kerygmatische Charakter des Römerbriefes
8.1.3 Die ›inneren‹ Kriterien für die Rekonstruktion des Protokerygmas
8.2 Inhalt des Protokerygmas
8.2.1 Voraussetzung: das Evangelium als Gottes Verheißung im Alten Testament
8.2.1.1 Das theozentrische Evangelium
8.2.1.2 Die Gesetzeskritik als Protokerygma?
8.2.2 Gottes Zorn als seine Reaktion auf menschliche Sünden
8.2.3 Der Sühnetod Christi für die Umstellung von Sündern auf Gerechte
8.2.4 Glaube als die vom heiligen Geist gewirkte Reaktion der Menschen
8.2.5 Die Gotteskindschaft der gerechtfertigten Sünder
8.2.6 Andere mutmaßliche Elemente
8.2.6.1 Das den Sündern zugesprochene ewige Leben
8.2.6.2 Christologie: die Person Jesu Christi
8.2.6.3 Eschatologie: das im Christusgeschehen vollzogene Ende
8.2.6.4 Andere Soteriologien
8.3 Fazit
Teil II Sünde und Nichtanrechnungstheologie des Paulus
9. Die historische Verortung der Nichtanrechnungstheologie
9.1 Die Nichtanrechnungstheologie und das Abrahammotiv
9.1.1 Die Anrechnung des Glaubens zur Gerechtigkeit im Alten Testament
9.1.1.1 Die Anrechnung des Glaubens zur Gerechtigkeit in Gen 15,6
9.1.1.2 Die Anrechnung des Glaubens zur Gerechtigkeit in Hab 2,4
9.1.2 Das Abrahammotiv in der Nichtanrechnungstheologie
9.2 Die Nichtanrechnungstheologie innerhalb der Gesetzespolemik
9.2.1 Die Gesetzesproblematik und die Trennung von Judentum und Christentum
9.2.2 Die gesetzeskritische Position des Paulus – Seit wann?
9.2.3 Die Nichtanrechnungstheologie als Offenbarung Christi
9.3 Fazit
10. Der galatische Konflikt als Anlass der Nichtanrechnungstheologie
10.1 Stand bisheriger Forschungen zum galatischen Konflikt
10.1.1 Stand bisheriger Forschungen
10.1.2 Kritik
10.2 Die Beschneidung und der Sühnetod Christi
10.2.1 Gal 2,15 als Grundposition der Gegner
10.2.2 Die Beschneidung als eine Kulthandlung
10.2.3 Abschaffung der Ritualgebote und deren Übertreter (Gal 2,18)
10.3 Der Bund Abrahams in der Beschneidung
10.3.1 Die Beschneidung Abrahams in den Augen der Gegner
10.3.2 Das σxάνδαλον des Kreuzes (Gal 5,11)
10.3.3 Die Beobachtung der Zeiten (Gal 4,10)
10.3.4 Die Sühneaussage in Gal 1,4
10.3.5 Generalisierung des Beschneidungssinnes
10.4 Die paulinische Widerlegung des »anderen« Evangeliums
10.5 Fazit
11. Die Nichtanrechnung der Sünde innerhalb der pln. Gesetzespolemik
11.1 Die Nichtanrechnungstheologie im Galaterbrief
11.1.1 Die Absolutheit des Sühnetodes Christi (Zusammenfassender Überblick über Gal 2,15–21)
11.1.2 Die Rechtfertigung der heidnischen Sünder (Gal 3,6–22)
11.1.2.1 Die Seligpreisung Abrahams für Sünder heidnischer Herkunft (Gal 3,6–18)
11.1.2.2 Die Beziehung von Gesetz und Sünde bis zur Verheißung (Gal 3,19–22)
11.1.3 Die Sklaverei unter dem Gesetz – Die Rückkehr zum Sündersei (Gal 3,23–4,11)
11.1.3.1 Die aufgehobene Abhängigkeit vom Gesetz (Gal 3,23–25)
11.1.3.2 Der Aufhebungsgrund – Die Sohnschaft und Erbschaft Gottes (Gal 3,26–4,7)
11.1.3.3 Die aufzuhebende Sklaverei unter dem Gesetz (Gal 4,8–11)
11.1.4 Gesamtinterpretation der Nichtanrechnungstheologie im Galaterbrief
11.2 Die Nichtanrechnungstheologie in Römerbrief
11.2.1 Übertretung des Gesetzes bei Heiden und Juden (Röm 2,12–3,2)
11.2.1.1 Übertretung des Gesetzes und Gerechtigkeit (Röm 2,12–13)
11.2.1.2 Übertretung des Gesetzes bei Heiden (Röm 2,14–16)
11.2.1.3 Übertretung des Gesetzes bei Juden (Röm 2,17–3,2)
11.2.2 Das Gesetz vor und nach dem Glauben (Röm 3,9–22; 3,27–31)
11.2.2.1 Das Gesetz zur Verurteilung (Röm 3,9–22)
11.2.2.2 Die Aufrichtung des Gesetzes im Glauben (3,27–31)
11.2.3 Die Nichtanrechnung der Sünde bei Abraham (Röm 4,1–25)
11.2.3.1 Die eine Gerechtigkeit – Die Nichtanrechnung der Sünde (Röm 4,1–8)
11.2.3.2 Abraham als Vorfahr der glaubenden Juden und Heiden (Röm 4,9–25)
11.2.4 Der Tod gegenüber dem Gesetz (Röm 7,1–7)
11.2.5 Gesamtinterpretation der Nichtanrechnungstheologie im Römerbrief
11.3 Fazit
12. Rühmen als Sünde und »die New Perspective on Paul«
12.1 Rühmen und die New Perspective
12.2 Gesetz und die New Perspective
12.2.1 Gesetz und Werkgerechtigkeit
12.2.2 Gesetz und Bekehrung von Heiden
12.2.2.1 Die Mission im Judentum und im jüdischen Christentum
12.2.2.2 Bekehrung und Toraobservanz
12.3 Sünde und die New Perspective
12.3.1 Die Sünde als Nebenschauplatz
12.3.2 Sünde in der Bekehrungssituation
12.3.3 Die neue Definition der Sünde (Röm 14,23)
12.4 Fazit
Teil III Sünde und Befreiungstheologie des Paulus
13. Die pln. Personifikation der άμαρτία und ihr Hintergrund
13.1 Personifikation als Darstellungstechnik in der Antike
13.1.1 Der Begriff der Personifikation
13.1.2 Personifikation und Metapher
13.1.3 Charakteristika der paulinischen Personifikation der άμαρτία
13.2 Die Personifikation der άμαρτία in anderen paulinischen Briefen?
13.2.1 Personifikation der άμαρτία im Galaterbrief?
13.2.2 Personifikation der άμαρτία in den Korintherbriefen?
13.3 Der Hintergrund der paulinischen Personifikation der άμαρτία
13.3.1 Das Missverständnis der Sühnungstheologie
13.3.2 Das Missverständnis der Nichtanrechnungstheologie
13.4 Fazit
14. Die rechtfertigende Befreiung von der Sündenmacht
14.1 Der Verlauf der Befreiungstheologie
14.2 Die Pneumatologie in Röm 8 als soteriologische Voraussetzung der Befreiungstheologie
14.2.1 Die Beziehung zwischen Röm 8 und Röm 5–7
14.2.2 Der Heilige Geist und die Befreiungstheologie
14.2.2.1 Der Geist schafft die Befreiung durch Überwindung des Fleisches
14.2.2.2 Der Geist wirkt die Befreiung durch Adoption als Gotteskinder
14.3 Die Herrschaft der Sünde und die der Gnade (Röm 5,14–21)
14.3.1 Kontextstellung
14.3.2 Auslegung
14.4 Der Tod gegenüber der Sünde – Die Befreiung von der Sündenmacht (Röm 6,6b–23)
14.4.1 Kontextstellung
14.4.2 Auslegung
14.5 Das leidende Sein unter der Sündenmacht (Röm 7,8–25)
14.5.1 Kontextstellung
14.5.2 Auslegung
14.6 Fazit
15. Der Ort der Rechtfertigungslehre in der pln. Soteriologie
15.1 Die drei Soteriologien als eine Rechtfertigungslehre
15.1.1 Die Verbindlichkeit des Evangeliums
15.1.2 Die Wandlung der Apologetik ins Kerygma
15.1.3 Der Römerbrief als Abriss des paulinischen Evangeliums
15.2 Begriffliche Präzisierung soteriologischer Metaphern
15.2.1 Soteriologisches ›Modell‹ und ›Schema‹
15.2.2 Soteriologisches ›Signifikat‹ und soteriologischer ›Signifikant‹
15.3 Soteriologische Modelle neben der Rechtfertigungslehre
15.3.1 Die Versöhnung
15.3.1.1 Die Herkunft des Versöhnungsgedankens
15.3.1.2 Der paulinische Gebrauch
15.3.2 Loskauf/Erlösung
15.3.2.1 Die Herkunft
15.3.2.2 Der paulinische Gebrauch
15.3.3 Neue Schöpfung
15.3.4 Teilhabe (Participation)
15.4 Die mit Soteriologie verbundenen Verben
15.5 Die Zentralität der Rechtfertigungslehre
15.6 Fazit
16. Schlussbemerkung
Literaturverzeichnis
1. Quellen
a) Bibelausgaben und frühchristliche Literatur
b) Jüdische und hellenistische Schriften
2. Wörterbücher, Lexika, Konkordanzen, Grammatiken usw
3. Sekundärliteratur
Stellenregister
1. Altes Testament
2. Neues Testament
3. Jüdische Schriften
Pseudepigraphen des Alten Testaments und Zwischentestamentliche Literatur
Qumrantexte, rabbinische Quelle und Übersetzungen
Jüdische Autoren
4. Christliche Schriften
5. Übrige antike Literatur
Autorenregister
Sachregister

Citation preview

Wissenschaftliche Untersuchungen zum Neuen Testament · 2. Reihe Herausgeber / Editor Jörg Frey (Zürich) Mitherausgeber / Associate Editors Friedrich Avemarie (Marburg) Markus Bockmuehl (Oxford) James A. Kelhoffer (Uppsala) Hans-Josef Klauck (Chicago, IL)

318

Eun-Geol Lyu

Sünde und Rechtfertigung bei Paulus Eine exegetische Untersuchung zum paulinischen Sündenverständnis aus soteriologischer Sicht

Mohr Siebeck

Eun-Geol Lyu, geboren 1971; Studium der Germanistik und Theologie an der Yonsei Universität in Seoul, Theologiestudium in Mainz und Heidelberg; 2007 Promotion; seit 2010 Professor für Neutestamentliche Theologie an der Hoseo Universität in Cheonan, Südkorea.

e-ISBN PDF 978-3-16-151863-8 ISBN 978-3-16-151006-9 ISSN 0340-9570 (Wissenschaftliche Untersuchungen zum Neuen Testament, 2. Reihe) Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliographie; detaillierte bibliographische Daten sind im Internet über http:// dnb.d-nb.de abrufbar. © 2011 Mohr Siebeck Tübingen. Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Das Buch wurde von Laupp & Göbel in Nehren auf alterungbeständiges Werkdruckpapier gedruckt und von der Buchbinderei Nädele in Nehren gebunden.

     



0$75,0($(&$5,66,0$(,1&$(/2

   

9RUZRUW

  'LH YRUOLHJHQGH 8QWHUVXFKXQJ ZXUGH LP 6RPPHUVHPHVWHU  YRQ GHU 7KHRORJLVFKHQ)DNXOWlWGHU5XSUHFKW.DUOV8QLYHUVLWlW+HLGHOEHUJDOV'LV VHUWDWLRQDQJHQRPPHQ)UGHQ'UXFNZXUGHVLHQRFKHLQPDOEHUDUEHLWHW XQG JHNU]W 'LH QDFK GHP $EVFKOXVV GLHVHU $UEHLW HUVFKLHQHQH /LWHUDWXU NRQQWH OHLGHU QXU QRFK DQPHUNXQJVZHLVH HLQJHDUEHLWHW ZHUGHQ 2EZRKO VLFK GLH 6WXGLH ZLVVHQVFKDIWOLFK PLW 3DXOXVWH[WHQ EHVFKlIWLJWLVW VLH QLFKW DXV hEHUOHJXQJHQ DP 6FKUHLEWLVFK KHUDXV HQWVWDQGHQ 'LH XUVSUQJOLFKH ,GHHKDWWHLFKZlKUHQGPHLQHUPLVVLRQDULVFKHQ7lWLJNHLWHQXQGVSlWHUKD EH LFK GLHVH GDQQ H[HJHWLVFK YHULIL]LHUW XQG HUDUEHLWHW 'LH YRUOLHJHQGH $UEHLWNDQQGDKHUDOV(UWUDJPHLQHUZLVVHQVFKDIWOLFKHQVRZLHPHLQHUSUDN WLVFKHQ%HVFKlIWLJXQJHQEH]HLFKQHWZHUGHQ $QOlVVOLFK GHU 3XEOLNDWLRQ P|FKWH LFK PHLQHP YHUHKUWHQ /HKUHU 3URI 'U3HWHU/DPSHPHLQHQDXIULFKWLJHQ'DQNDXVVSUHFKHQ(UKDWPLWEHVRQ GHUHU*HGXOGPHLQH)RUVFKXQJEHJOHLWHWXQGGXUFKNULWLVFKH$QIUDJHQXQG $QUHJXQJHQJHI|UGHUW3URI/DPSHKDWPLUVWHWVZLVVHQVFKDIWOLFKH)UHLKHLW ]XJHVWDQGHQ ± DXFK DQ VROFKHQ 6WHOOHQ DQ GHQHQ ZLU XQWHUVFKLHGOLFKHU 0HLQXQJHQ ZDUHQ EHVRQGHUV LQ .DS  GLHVHU $UEHLW (EHQIDOOV ELQ LFK GHP .RUUHIHUHQWHQ 3URI 'U 3HWHU %XVFK ]X 'DQN YHUSIOLFKWHW GHU GDV =ZHLWJXWDFKWHQ ]JLJ HUVWHOOW XQG PLU YLHOH 9HUEHVVHUXQJVYRUVFKOlJH XQ WHUEUHLWHWKDW (V JLEW QRFK YLHOH 0HQVFKHQ GLH PLU ZlKUHQG GHU JDQ]HQ 3URPRWLRQ EHLJHVWDQGHQKDEHQ0HLQH)UDX-XQJ:RQKDWPLFKGXUFK+|KHQXQG7LH IHQ EHJOHLWHW LQGHP VLH PHLQHWZHJHQ LKUH HLJHQH .DUULHUH RSIHUWH 8QVHU HUVWHU6RKQ-L6XQJGHUZlKUHQGGHV$XIHQWKDOWHVLQ'HXWVFKODQGJHERUHQ ZXUGH ZDU PLU PLW VHLQHP /lFKHOQ VWHWV HLQH 4XHOOH GHU .UDIW 'DQNEDU ELQLFKDXFKPHLQHU6FKZLHJHUPXWWHU3URI'U(X-XQJ6XQJIULKU*HEHW XQG LKUH 8QWHUVWW]XQJ 0HLQHP )UHXQG 3URI 'U %HUQKDUG 0XWVFKOHU GDQNHLFKIUVHLQHVHHOVRUJOLFKH%HUDWXQJLQGHUVFKZLHULJVWHQ3KDVHPHL QHU)RUVFKXQJ(UZDUPLUHLQJXWHU3IDUUHU0HLQH.ROOHJHQ+HUUQ)UDQN &RQUDGV'U9HUD+LUVFKPDQQ'U+HQQLQJ+XSH'U6WHSKDQLH/RUHQ]HQ 'U+HLGUXQ0DGHU'U$QJHOD5DVFKHUXQG3URI'U$QQHWWH:HLVVHQULH GHUKDEHQEHGHXWVDPH%HLWUlJH]XP$EVFKOXVVGLHVHU8QWHUVXFKXQJJHOHLV WHWLQGHPVLHLP2EHUVHPLQDUYRQ3URI /DPSH YLHOHZHUWYROOH +LQZHLVH JDEHQ$X‰HUGHPGDQNHLFK3URI'U'UKFPXOW*HUG7KHL‰HQXQG3URI 'U5REHUW-HZHWWIULKU,QWHUHVVHDQPHLQHU$UEHLWXQGLKUH/HKUHLQGHU

9,,,

9RUZRUW

([HJHVH ,FK GDQNH GHU &KDQJ+\XQ (GXFDWLRQDO )RXQGDWLRQ XQG GHUHQ 9RUVLW]HQGHQ )UDX .DS+\XQ .LP IU GDV QDPKDIWH 6WLSHQGLXP ZlKUHQG PHLQHU)RUVFKXQJLQ'HXWVFKODQG &ODXGLD +DX‰PDQQ /XFLXV .UDW]HUW 1LQD 5HLFKHO XQG &KULVWLQH 5HL KHU VLQG DQ GHUPKVDPHQ .RUUHNWXUGHV YRQHLQHP $XVOlQGHUYHUIDVVWHQ 0DQXVNULSWV EHWHLOLJW (V LVW LKU 9HUGLHQVW ZHQQ GLHVH $UEHLW EHUKDXSW OHVEDUGDUJHVWHOOWZRUGHQLVW +HUUQ3URI'U-|UJ)UH\GDQNHLFKIUGLHIUHXQGOLFKH$XIQDKPHGLH VHU 6WXGLH LQ GLH :817 XQG GHQ 0LWDUEHLWHULQQHQ XQG 0LWDUEHLWHUQ GHV 9HUODJVIUGLHVRUJIlOWLJH%HWUHXXQJGHU'UXFNOHJXQJ 0HLQ 9DWHU 3URI 'U .HXQ -RKQ /\X KDW GHQ ZLVVHQVFKDIWOLFKHQ :HU GHJDQJ VHLQHV 6RKQHV PLW YROOHP (QJDJHPHQW XQWHUVWW]W /DVW EXW QRW OHDVW0HLQH0XWWHU3URI'U.\H@© 'DPLW LVW DOOHUGLQJVGLHYRQ%251.$00]X%HJLQQJHVWHOOWH)UDJHQLFKWEHDQWZRUWHW GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2YJO±   *% 251.$00 'DV(QGHGHV*HVHW]HV3DXOXVVWXGLHQ0QFKHQ±   $D2   $D2I   $D2I   $D2



)RUVFKXQJVJHVFKLFKWH

'LH 6FKZLHULJNHLW HLQHU VROFKHQ $XVOHJXQJ EHVWHKW YRU DOOHP GDULQ GDVV GXUFK VLH NDXP HUKHOOW ZLUG ZDUXP 3DXOXV LQ 9 ± DEUXSW DXV HLQHU DQGHUHQ 3HUVSHNWLYH DXI GLH :LUNOLFKNHLW LQ &KULVWXV HLQJHKW DOV LQ 9 ±  'LH ,QWHUSUHWDWLRQ %251.$00V UHVXOWLHUW HLQHUVHLWV GDUDXV GDVV HU QLFKW]ZLVFKHQ7DWXQG0DFKWDVSHNWGHU6QGHGLIIHUHQ]LHUWXQGDQGHUHU VHLWVDXFKGDUDXVGDVVHU]ZLVFKHQGHULQ&KULVWXV]XVWDQGHJHNRPPHQHQ :LUNOLFKNHLWXQGGHUIRUWZlKUHQGHQ9HUDQWZRUWXQJQLFKWZlKOHQNDQQ  *5g+6(5 0HWDSKRULNXQG3HUVRQLILNDWLRQGHU6QGH ,Q VHLQHU 8QWHUVXFKXQJ VWHOOW * 5g+6(5 GHQ ZHLWJHKHQG DQHUNDQQWHQ 0DFKWFKDUDNWHUGHU6QGHLQ)UDJHLQGHPHUGLH¾3HUVRQLILNDWLRQ½DXIUKH WRULVFKHU (EHQH YHUIROJW 'LH SDXOLQLVFKH 3HUVRQLILNDWLRQ GHU 6QGH ZLUG LP 5DKPHQ GHU ¾0HWDSKRULN½ EHKDQGHOW GLH 5g+6(5 DXIJUXQG GHU ¾0HWD SKHU½7KHRULHEHJUQGHW'DUDXIKLQ]lKOWHUPHWDSKRULVFKH%HLVSLHOHZLH ¾6QGH DOV /DVW½E]Z ¾6QGH DOV 6FKPXW]½ DXI XQG EHUSUIW LKUHQ:LUN OLFKNHLWVZHUW 1DFK GHU JUQGOLFKHQ $QDO\VH GHU 6QGHQPHWDSKRULN NRPPW 5g+6(5 ]X IROJHQGHU 7KHVH ª9LHOH YRQ GHQMHQLJHQ %LOGIHOGHOH PHQWHQ PLW GHQHQ HLQH OHEHQGLJH 9RUVWHOOXQJ HLQ ¾(UOHEQLV½  YHUEXQGHQ LVWN|QQHQDOVhEHUJDQJVIRUPHQ]XUSDXOLQ'HQNILJXUGHU3HUVRQLILNDWLRQ >«@HUVFKHLQHQ©9RQJUR‰HU%HGHXWXQJLVWGDEHLGLHPHWDSKRULVFKH%H ]LHKXQJ ]ZLVFKHQ %LOGVSHQGHU XQG %LOGHPSIlQJHU ZRUDXV 5g+6(5 VHLQ 9HUVWlQGQLV YRQ 5|P  KHUOHLWHW (V NRPPH DXI GLH ¾+HUU6NODYH 0HWDSKRULN½DQLQGHUGLHPHQVFKOLFKH9HUDQWZRUWXQJPLWGHP7DWFKDUDN WHUQLFKWYHUVFKZLPPH ,Q $QDORJLH GD]X YHUVXFKW5g+6(5 GLH %HWUXJV PHWDSKHU XQG GLH 0HWDSKHU GHV ,QQHZRKQHQV GLH VLFK LQ 5|P  ZLGHU VSLHJHOQ LQ GHQ EOLFKHQ UHOLJLRQVJHVFKLFKWOLFKHQ =XVDPPHQKDQJ HLQ]X EHWWHQ XP VR ]X EHUSUIHQ RE VLFK GLH SDXOLQLVFKHQ ¾0HWDSKHUQ½ DOV ªGXUFKDXV NRQYHQWLRQHOOH %HJULIIOLFKNHLW© HUZHLVHQ $XIJUXQG GHU R J %HREDFKWXQJ ZLUG GLH SDXOLQLVFKH 3HUVRQLILNDWLRQ GHU 6QGH DXI UKHWRUL VFKHU(EHQHEHWUDFKWHW(VKDQGOHVLFKGDEHLQLFKWXPHLQHP\WKRORJLVFKH 'lPRQLVLHUXQJ VRQGHUQ HLQGHXWLJ XP GHQ SHUVRQLIL]LHUWHQ 7DWEHJULII GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   ,P hEULJHQ EHWRQWGHU $XWRU GDVV GXUFK GLH7DXIH QLFKW GLH 6QGH VHOEVW WRW VHL VRQGHUQGDVVZLULKUDEJHVWRUEHQVHLHQGLHZLUQLFKWPHKU ɴȦȪțȨȣȚOHEHQ -HGRFK VWW]WVLFKGLH/|VXQJ% 251.$00 VQLFKWIHVWDXIGHQ7H[W3DXOXVPDFKWGHXWOLFKGDVV GXUFK GDV &KULVWXVJHVFKHKHQ GLH 6QGH JHW|WHW ZRUGHQ LVW YJO ɨȥțȨȫȚț ȦȟȣȨȗ 5|P  WURW]GHPOHEWHUDOV&KULVWQRFK¾LP)OHLVFK½YJO*DO    *5g+6(50HWDSKRULNXQG3HUVRQLILNDWLRQGHU6QGH$QWLNH6QGHQYRUVWHOOXQJ XQGSDXOLQLVFKH+DPDUWLD:8177ELQJHQ   $D2±   $D2   $D2±YJODXFK    $D2±   $D2±

)RUVFKXQJVJHVFKLFKWHG



+LHU ]HLJW VLFK GLH 6WHOOXQJQDKPH 5g+6(5V GHXWOLFK 2EZRKO HU GHQ %H JULII¾3HUVRQLILNDWLRQ½QLFKWEHVWUHLWHWZLUGGLHVHU%HJULIIXQWHUGHU0HWD SKRULNVXEVXPLHUWYJOGD]X† 1DFK5g+6(5OlVVWVLFKGDVSHUVRQL IL]LHUHQGH 'HQNHQ LP )DOOH GHU6QGH YRQ DOWWHVWDPHQWOLFKHQ ª7DWVSKlUH DXVVDJHQ© KHUOHLWHQ $QKDQG GLHVHV 6QGHQEHJULIIV ZLUG 5|P ± DOV %HVFKUHLEXQJ GHU YRUFKULVWOLFKHQ ± DOVR ¾EHUZXQGHQHQ½ ± :LUNOLFKNHLW JHGHXWHW (LQ 0DQJHO GHU 8QWHUVXFKXQJ 5g+6(5V LVW ]XQlFKVW GDULQ ]X VHKHQ GDVVVLHNDXPGD]XEHLWUlJWGLHSDXOLQLVFKH,QWHQWLRQKLQWHUGLHVHU¾0HWD SKRULN½ ]X HUJUQGHQ 0LW 5g+6(5V 9HUVWlQGQLV NDQQ PDQ QLFKWV PHKU DOV GLH DOOJHPHLQH 6QGKDIWLJNHLW LQ GHP 7H[W HUNHQQHQ =ZHLWHQV LVW GHU 0DFKWFKDUDNWHU GHU 6QGH PLWQLFKWHQ DXI GHQ 7DWEHJULII ]X UHGX]LHUHQ GHQQLQNHLQHUEOLFKHQ6QGHQPHWDSKHUVFKZLQJWGLH6SDQQXQJ]ZLVFKHQ 6XEMHNWXQG2EMHNWGHV6QGLJHQVPLW,Q5|PKDWGLH6QGHQLFKWQXU 7DWHQEHZLUNW9 VRQGHUQVLHZLUG]XJOHLFKDOV(UJHEQLVGHU7D WHQ GDUJHVWHOOW 9   'LHVHU $VSHNW WULWW HEHQVR VLQQIlOOLJ LQ 5|P  KHUYRU 'LH 6QGH EHWUJW GHQ 0HQVFKHQ GXUFK GDV *HVHW] 9   DEHU DXFK GHU 7DWFKDUDNWHU ZLUG JHUDGH DQ GLHVHU 6WHOOH DQJHVSURFKHQ 9  'LHVH HLQ]LJDUWLJH 'DUVWHOOXQJ LVW ]ZHLIHOORV JHQXLQ SDXOLQLVFK 'ULWWHQV KlOW5g+6(5QLFKW DQ VHLQHP HLJHQHQ$UJXPHQW IHVW ZHQQ HU LP +LQEOLFNDXI*DOYRQHLQHP¾K\SRVWDVLHUHQGHQ½$VSHNWVSULFKW XQG GDQQDEHULQ5|PªGHQhEHUVFKULWWLQ0\WKRORJLHXQG¾ZHOWDQVFKDX OLFKH½ 3HUVRQLILNDWLRQ© ]X ILQGHQ PHLQW $OOHV LQ DOOHP 'HP SDXOLQL VFKHQ 6QGHQYHUVWlQGQLV ZLUG 5g+6(5V HLQVHLWLJH %HWRQXQJ GHV 7DWEH JULIIVQLFKWJHUHFKW  ,*2/'+$+10h//(5 'LH*UHQ]HGHU*HPHLQGH 'LH $UEHLWHQ YRQ *2/'+$+10h//(5 XQG 5 .,5&++2)) V X †   YHUGLHQHQDXV]ZHL*UQGHQQXUHLQHNXU]H(UZlKQXQJL 9RQLKUHP8P IDQJ KHU VLQG GLH 6WXGLHQ IU XQVHUH hEHUOHJXQJHQ QXU EHJUHQ]W UHOHYDQW *2/'+$+10h//(5 XQWHUVXFKW GHQ %HJULII GHU ]ZHLWHQ %X‰H LP JDQ]HQ 1HXHQ7HVWDPHQWXQGVRJDUEHLGHQDSRVWROLVFKHQ9lWHUQGHV]ZHLWHQ-K ZRKLQJHJHQ.,5&++2))DOOHLQGHQ$EVFKQLWW.RU±GHWDLOOLHUWDQD O\VLHUWLL 'DEHLGH 8QWHUVXFKXQJHQ YRQ XQVHUHP ,QWHUHVVH DQ GHPSDXOL GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2   $D2   9JODD2   $D2   $D29JODXFK   ,*2/'+$+10h//(5'LH*UHQ]HGHU*HPHLQGH6WXGLHQ]XP3UREOHPGHU=ZHL WHQ %X‰H LP 1HXHQ 7HVWDPHQW XQWHU %HUFNVLFKWLJXQJ GHU (QWZLFNOXQJ LP  -K ELV 7HUWXOOLDQ*7$*|WWLQJHQ



)RUVFKXQJVJHVFKLFKWH

QLVFKHQ 6QGHQYHUVWlQGQLV UHFKW ZHLW HQWIHUQW OLHJHQ LVW DQ GLHVHU 6WHOOH HLQH %HPHUNXQJ GDUEHU DXVUHLFKHQG LQZLHZHLW GLH 6QGHQSUREOHPDWLN DXVVRWHULRORJLVFKHU3HUVSHNWLYHHUKHOOWZLUG  *2/'+$+10h//(5 WKHPDWLVLHUW GLH 3DXOXVWH[WH QXU YHUKlOWQLVPl‰LJ NQDSS XQG VFKOXVVIROJHUW GDVV GHP $SRVWHO NHLQ 3UREOHP GHU ]ZHLWHQ %X‰HYRUOLHJH'HU$XIIDVVXQJOLHJWGLHSDXOLQLVFKH7DXIWKHRORJLH]XJUXQ GH GHU ]XIROJH GLH &KULVWHQ LQ GLH 6SKlUH GHV +HLOVKDQGHOQV *RWWHV KLQHLQJHQRPPHQ VLQG YJO .RU   *DO  5|P   ,QIROJH GHU HVFKDWRORJLVFKHQ XQG HNNOHVLRORJLVFKHQ ȪȯȫȠȨȚț9RUVWHOOXQJ IKUW LQGLYLGXHOOHV )HKOYHUKDOWHQ L ( QLFKW ZLHGHU ]XP 8QKHLO VRQGHUQ GDV )HKOYHUKDOWHQ ZLUG GXUFK GLH SDXOLQLVFKH .LUFKHQ]XFKW JHUHJHOW ] % .RU   (V JHEH IROJOLFK NHLQH 6QGH LQ GHU *HPHLQGH DOV GHP /HLE &KULVWL ZDV GHP (UJHEQLV :(51/(V XQG 80%$&+V V X  lKQHOW -HGRFK QLPPW3DXOXVGLHVRJ¾SRVWEDSWLVPDOH½6QGHYLHOHUQVWHUDOV*2/'+$+1 0h//(5 PHLQW 3DXOXV ZDU VLFK GLHVHU 3UREOHPDWLN GXUFKDXV EHZXVVW DXFK ZHQQ HU QLFKW H[SOL]LW DQVSULFKW RE GLH ]ZHLWH %X‰H Q|WLJ LVW 5|P ±]XIROJHGUIHQGLH*OlXELJHQGHU6QGHQPDFKWLKUH/HLEHUQLFKW ]XU9HUIJXQJVWHOOHQ'D3DXOXVGHQ5|PHUEULHIQDFKGHQ.RULQWKHUEULH IHQYHUIDVVWH±XQG]ZDULQ.RULQWK NDQQGDYRQDXVJHJDQJHQZHUGHQ GDVV GHU $SRVWHO EHLP $EIDVVHQ GHV 5|PHUEULHIHV GLH 3UREOHPH GHU *H PHLQGHLQ.RULQWKPLWLP%OLFNKDWWH$OOHUGLQJVJHKW*2/'+$+10h//(5  ZHGHUDXIGHQ5|PHUEULHIHLQQRFKJHKWVLHGHU)UDJHQDFKZHOFKH5ROOH GLH6QGHQSUREOHPDWLNLQGHU0LVVLRQGHV3DXOXVJHVSLHOWKDW  5.,5&++2)) 'LH6QGHJHJHQGHQHLJHQHQ/HLE 'LH8QWHUVXFKXQJYRQ5.,5&++2)) LVWGHP$EVFKQLWW.RU±XQ WHU%HUFNVLFKWLJXQJGHVVR]LRNXOWXUHOOHQ.RQWH[WHVJHZLGPHW'LH$XWR ULQJHKWGHQ)UDJHQQDFKZHUGLH)UDXHQZDUHQGLHYRQ3DXOXVDOVȧʛȨȦțȢ EH]HLFKQHW ZXUGHQ XQG ZRUXP HV LQ GHU SDXOLQLVFKHQ (UPDKQXQJ DQ GLH .RULQWKHUJLQJ1DFKGHU(UIRUVFKXQJGHUVR]LDOHQ6LWXDWLRQLQGHU$QWLNH XQG LQ .RULQWK NRPPW .,5&++2)) ]X GHP (UJHEQLV GDVV GLH $GUHVVDWHQ GHV 3DXOXV LQ .RU  QLFKW DOV ªOLEHUWLQH *HJQHU© DXV]XZHLVHQ VLQG GLH VLFK PLW LKP WKHRORJLVFK DXVHLQDQGHUJHVHW]W KlWWHQ 9RQ LKUHP NXOWXUHO OHQ +LQWHUJUXQG KHU NRQQWHQ GLH 0lQQHU LQ GHU *HPHLQGH EHGHQNHQORV VH[XHOOHQ.RQWDNWPLW3URVWLWXLHUWHQKDEHQ(VNDP3DXOXVGDUDXIDQGLH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2±   5 .,5&++2)) 'LH 6QGH JHJHQ GHQ HLJHQHQ /HLE 6WXGLHQ ]X ȧʛȨȦȠ XQG ȧʙȨȦȟȚț LQ .RU± XQGGHP VR]LRNXOWXUHOOHQ.RQWH[WGHUSDXOLQLVFKHQ $GUHVVD WHQ6W817*|WWLQJHQ   $D2±

)RUVFKXQJVJHVFKLFKWHG



VHQ QLFKWHKHOLFKHQ 6H[XDOYHUNHKU ± HLQH EOLFKH 6LWWH LQ GHU GDPDOLJHQ 8PZHOW±IUXQUHFKWPl‰LJ]XHUNOlUHQ 'LHYRQ.,5&++2))YRUJHQRPPHQH5HNRQVWUXNWLRQGHVVR]LDOHQ6DFK YHUKDOWHVKDWIUXQVYHUVWlQGOLFKHUZHLVHZHQLJHU5HOHYDQ]DOVGLHȪʌȥț 9RUVWHOOXQJ GLH GDV SDXOLQLVFKH 9HUVWlQGQLV GHV &KULVWVHLQV EHOHXFKWHW 1DFK .,5&++2)) VWHOOWGDVȪʌȥț DOV GDVGXUFK GLH 7DXIH YHUlQGHUWH:H VHQ VRZRKO %HIlKLJXQJ DOV DXFK 9HUSIOLFKWXQJ GDU ZLH VLFK DP %HLVSLHO HLQHV2UJDQVWUHIIHQGHUNOlUHQOlVVWȏʌȥțEH]HLFKQHWNHLQHQ.|USHULP PRUSKRORJLVFKHQ 6LQQH VRQGHUQ HV EH]HLFKQHW GHQ /HLE GHU 0HQVFKHQ QDFK GHU 7DXIH :HQQ &KULVWHQ PLW 3URVWLWXLHUWHQ VH[XHOO YHUNHKUHQ LVW GLHVHU9HUVWR‰QLFKWQXUDOVHLQHUHLQH6QGHQWDW]XFKDUDNWHULVLHUHQVRQ GHUQDXFKDOV6QGHJHJHQGHQHLJHQHQ/HLEGHUDOVGHU7HPSHOGHV+HLOL JHQ *HLVWHV JLOW YJO .RU I  ,QVRIHUQ LVW HV QDKH OLHJHQG GDVV .,5&++2)) LQ LKUHU hEHUOHJXQJ YRQ GHP *OlXELJVHLQ GHU .RULQWKHU DXV JHKWXQGVRPLWHLQHVRJSRVWNRQYHUVLRQDOH6QGHEHKDQGHOW  6+$*(12: +HLOLJH*HPHLQGH±6QGLJH&KULVWHQ 0LWGHUSRVWNRQYHUVLRQDOHQ6QGHEHIDVVWVLFK6+$*(12:LQGHPHUGDV KHUN|PPOLFKH 6QGHQYHUVWlQGQLV ± GLH 6W|UXQJ GHU %H]LHKXQJ ]ZLVFKHQ *RWW XQG GHQ HLQ]HOQHQ 0HQVFKHQ ± NULWLVFK KLQWHUIUDJW +$*(12: OHKQW GDV YRQ :,1',6&+ XQG 80%$&+ V X  YHUWUHWHQH ª6QGORVLJNHLWVLGHDO© EHL&KULVWHQDE±VWDWWGHVVHQXQWHUVXFKWHUGLHɨȥțȨȫȚțEHL3DXOXVNRQVH TXHQWLPVR]LDOHQ+RUL]RQW'DUDXIKLQZLUGGLHSDXOLQLVFKH7HPSHOYRUVWHO OXQJLP/LFKWGHUNXOWLVFKHQ+HLOLJNHLWJHGHXWHWGLHDOV¾$EJUHQ]XQJQDFK DX‰HQ½GLHQW6RVHKUGLH%HNHKUXQJDOV¾+HUUVFKDIWVZHFKVHO½]XEH]HLFK QHQ LVW VRVHKU PDFKW GLHVH H[NOXVLYH 6WHOOXQJQDKPH GHQ $XVVFKOXVV GHU hEHOWlWHU DXV GHU *HPHLQGH QRWZHQGLJ YJO .RU I   ª(V NRPPWGHP$SRVWHODXIGLH:DKUXQJGHU+HLOLJNHLWGHU*HPHLQGHDQGDV (UJHKHQ GHV HLQ]HOQHQ6QGHUV ±XQG VHL HV QRFK VRJUDYLHUHQG ± LQWHUHV VLHUWQXUDP5DQGH©1DFK+$*(12:YHUWULWW3DXOXVDOVRGLH$XIIDVVXQJ GDVV DXFK &KULVWHQ VQGLJHQ N|QQHQ GDVV DEHU LQ GHU *HPHLQGH GLH +$*(12:DOVª7HPSHOH[LVWHQ]©LQWHUSUHWLHUWNHLQH6QGHWROHULHUWZHUGHQ NDQQ'LH+HLOLJNHLWNDQQQXULQHLQHPHVFKDWRORJLVFKYHUVWDQGHQHQ*H PHLQZHVHQ ]XP $XVGUXFN NRPPHQ ,QVRIHUQ NDQQ YRQ GHP VR]LDOHQ $V GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2±   $D2I   $D2±   6+$*(12:+HLOLJH*HPHLQGH±6QGLJH&KULVWHQ3DXOLQLVFKH'HQNPRGHOOHLP 8PJDQJPLWSRVWNRQYHUVLRQDOHU6QGH'LVVPDVFK +HLGHOEHUJ   $D2±   $D2   $D2



)RUVFKXQJVJHVFKLFKWH

SHNWGHU7HPSHOH[LVWHQ]JHVSURFKHQZHUGHQGLHV(GDVIUKSDXOLQLVFKH 'HQNHQFKDUDNWHULVLHUH 'DV VRJ VSlWSDXOLQLVFKH 6QGHQYHUVWlQGQLV EHKDQGHOW +$*(12: DQ KDQG YRQ 5|P ± 'DEHL ILQGHW HU GHQ 'HXWXQJVDQVDW] LP DSRNDO\SWL VFKHQ 5DKPHQ 6 ( KDEH 3DXOXV GLH HVFKDWRORJLVFKH +RIIQXQJ DXI GLH 6QGHQEHUZLQGXQJLP%OLFNQlPOLFKGLHHQG]HLWOLFKH6QGORVLJNHLWRGHU 1HXVFK|SIXQJ LP :LUNHQ GHV *HLVWHV 'LH (UZlKQXQJ GHU 6QGH LP 5|PHUEULHI ZHLVH SULQ]LSLHOO UHWURVSHNWLY DXI GLH YRUFKULVWOLFKH 5HDOLWlW KLQ GHU ]XIROJH 0HQVFKHQ XQWHU GHU +HUUVFKDIW GHV %|VHQ VWDQGHQ 2E ZRKOGHU$EVFKQLWW5|P±GRFKDXIGLH6QGHLQQHUKDOEGHU&KULV WXVELQGXQJEH]RJHQZLUGJLEW+$*(12:NHLQHEHU]HXJHQGH$QWZRUWDXI GLH)UDJHZLH&KULVWHQQDFKGHU%HNHKUXQJLPPHUQRFKGHU6QGHQPDFKW YHUIDOOHQVHLQN|QQHQXQGZLHGLHVH6QGHHQGJOWLJEHUZXQGHQZHUGHQ NDQQVGD]X† 1DFK+$*(12:VHLHQ&KULVWHQ±GLDFKURQEHWUDFKWHW ±GHU6QGHJHVWRUEHQ9HUJDQJHQKHLW VLHLVWDEHU±V\QFKURQEHWUDFKWHW± QRFK HLQH DNWXHOOH %HGURKXQJ 3UlVHQV  'LH /|VXQJ GHU SRVWNRQYHU VLRQDOHQ6QGHVXFKW+$*(12:LPJHJHQZlUWLJHQ&KULVWXVUHLFKGDVV( DOVHVFKDWRORJLVFKH(UO|VXQJVJHPHLQVFKDIW]XYHUVWHKHQLVW +$*(12:EHPHUNWULFKWLJGDVV)UHLKHLWYRQGHU6QGHNHLQH,PPXQL WlW JHJHQ GLH 6QGH EHGHXWHW 'LH 6WlUNH VHLQHU ,QWHUSUHWDWLRQ UHVXOWLHUW DOVR DXV GHU $EOHKQXQJ GHU 6QGORVLJNHLWVWKHRULH 'LH 'HXWXQJ +$*( 12:VLVWDEHULQYLHOHUOHL+LQVLFKWGHU.ULWLNEHGUIWLJ:DUXPNRPPWGLH IU GLH +HLOLJNHLWVWKHRORJLH VR NRQVWLWXWLYH 7HPSHOH[LVWHQ] LQ 5|P ± EHUKDXSWQLFKWYRU"=ZDUVXFKW+$*(12:GHQ *UXQG LQ GHU YHUlQGHUWHQ 6LWXDWLRQVRZLHLQGHPVSlWHQ'HQNHQDEHUGDVDQJHEOLFKH$QZDFKVHQGHU +HLGHQFKULVWHQ NDQQ NDXP GLHVH GUDVWLVFKH :DQGOXQJ GHU SDXOLQLVFKHQ 7KHRORJLH HUNOlUHQ 'LH 8QWHUVFKHLGXQJ +$*(12:V ]ZLVFKHQ ¾IUKSDX OLQLVFKHQ½XQG¾VSlWSDXOLQLVFKHQ½*HGDQNHQDQVLFKLVWDXFKXQZDKUVFKHLQ OLFKGHQQHLQHUVHLWVVLQGGHU.RULQWKHUEULHIXQGGHU5|PHUEULHIFKURQR ORJLVFK QLFKW VR ZHLW YRQHLQDQGHU HQWIHUQW XQG DQGHUHUVHLWV EHVWQGH IU 3DXOXV DXFK JDU NHLQH 1RWZHQGLJNHLW DXI GLH 9RUVWHOOXQJ GHU ¾7HPSHO H[LVWHQ]½ LP 5|PHUEULHI JlQ]OLFK ]X YHU]LFKWHQ ZHQQ VLH LQ $QEHWUDFKW GHU 6QGHQSUREOHPDWLN WDWVlFKOLFK VR JUXQGOHJHQG JHZHVHQ ZlUH 8Q]X WUHIIHQG LVW P ( GLH $QVLFKW GDVV DXFK 5|P  GHQ VR]LDOHQ $VSHNW GHV +HLOV UHIOHNWLHUH GHU IUHLOLFK LP .RULQWKHUEULHI NODU ]X VHKHQ LVW :R GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2   $D2±   $D2±   $D2±   $D2±   $D2±   $D2I

)RUVFKXQJVJHVFKLFKWHG



OlVVWVLFKLQ5|PGHUVR]LDOHQ+RUL]RQWILQGHQ"/lVVWGDVª:LU©DOV%H NHQQWQLVVXEMHNW HR LSVR HLQH VR]LDOH .RQQRWDWLRQ HUNHQQHQ" 9HUIHKOW LVW DXFK GLH $QVLFKW GDVV GLH 5HFKWIHUWLJXQJ ± GLH QDFK +$*(12: QXU DOV 0LWWHO ]XU /HJLWLPDWLRQ GHU +HLGHQPLVVLRQ JLOW ± QLFKW JDQ] GHU SDXOLQL VFKHQ*HULFKWVYRUVWHOOXQJHQWVSUHFKH'HQQGLH*HULFKWVYRUVWHOOXQJXP IDVVW ]ZHLIHOORV GHQ 5HFKWIHUWLJXQJVJHGDQNHQ XQG GLH 5HFKWIHUWLJXQJ VWHOOWGDVYRUZHJJHQRPPHQH(QGJHULFKWNODUGDU,P*DQ]HQEHWUDFKWHWLVW +$*(12:IROJHQGHUPD‰HQ]XEHZHUWHQ(UEHWRQWVHLQHHLJHQHQXQNODUHQ VRWHULRORJLVFKHQ0RGHOOHZREHLHUZLFKWLJH$VSHNWHGHUSDXOLQLVFKHQ6R WHULRORJLHDX‰HU$FKWOlVVW  +80%$&+ ,Q&KULVWXVJHWDXIW±YRQGHU6QGHEHIUHLW ,P *HJHQVDW] ]X 5g+6(5 GHU GHQ 7DWDVSHNW GHU ɨȥțȨȫȚț KHUYRUJHKREHQ KDW ILQGHW + 80%$&+ LQ LKUHP 0DFKWEHJULII GHQ $QVDW]SXQNW   +DPDUWLDVHL V ( DX‰HU LQ WUDGLWLRQHOOHQ =LWDWHQLPPHU HLQH 0DFKWGLH QXQGXUFKGHQ+HUUVFKDIWVZHFKVHOLP&KULVWXVJHVFKHKHQDXIJHKREHQZRU GHQLVW,QGLHVHU+LQVLFKWYHUVWHKW80%$&+GLHFKULVWOLFKH*HPHLQGHDOV ¾VQGHQIUHLHQ5DXP½LQVRIHUQGLH7DXIHGHQHQWVFKHLGHQGHQª0DFKWZHFK VHO©]XVWDQGHJHEUDFKWKDWVRGDVVGHU7lXIOLQJYRQGHU6QGHQPDFKWHLQ IUDOOHPDOEHIUHLWLVW'DKHUJHEHHVLQGHU*HPHLQGHNHLQH¾6QGH½VRQ GHUQDXVVFKOLH‰OLFK¾9HUIHKOXQJ½'LH$QVLFKW80%$&+VVFKOLH‰WVLFKDQ GLH YRQ :(51/( DQ GHU GLH 7KHRULH YRQ GHQ VQGORVHQ &KULVWHQ DXIJH VWHOOWKDW  'DVV80%$&+V$QVDW]QLFKW]ZLQJHQGLVW]HLJWVFKRQVHLQ9HUVWlQGQLV GHV7KHVVDORQLFKHUEULHIHV$XVGHU7DWVDFKHGDVVGDV:RUWɨȥțȨȫȚțLQ GHP %ULHI QLFKW YRUNRPPW ]LHKW 80%$&+ GHQ 6FKOXVV GDVV 3DXOXV GHQ 7KHVVDORQLFKHUQNHLQH6QGH]XVFKUHLEHZHLOGLH&KULVWHQ GHP0DFKWEH UHLFK GHU ɨȥțȨȫȚț HQW]RJHQ VHLHQ -HGRFK NDQQ GDV )HKOHQ GHV :RUWHV DXFK DOV ,QGL] GDIU GLHQHQ GDVV 3DXOXV LP 7KHVVDORQLFKHUEULHI QRFK NHLQH 3HUVRQLILNDWLRQ GHU 6QGH DQQLPPW 1RFK VFKZHUZLHJHQGHU LVW 80%$&+V)HKOLQWHUSUHWDWLRQGHV.RULQWKHUEULHIHVLQGHPɨȥȗȨȫȠȥțXQG ɨȥțȨȫȗȦȟȢȦMHHLQPDOEHQXW]WZHUGHQDEHUGLHɨȥțȨȫȚțY|OOLJIHKOW'LHV LVW 80%$&+V +DXSWDUJXPHQW GDIU GDVV GLH *HPHLQGH HLQ ¾VQGHQIUHLHU½ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2   'LH ʖțȪȢȤȟȚț9RUVWHOOXQJ LVW ] % EHL 3DXOXV P ( QLFKW ]HQWUDO XQG ZLUG DXFK QXULP.RULQWKHUEULHIPDUJLQDOHUZlKQW9JO±   + 80%$&+,Q&KULVWXVJHWDXIW±YRQGHU6QGHEHIUHLW'LH*HPHLQGHDOVVQGHQ IUHLHU5DXPEHL3DXOXV)5/$17*|WWLQJHQ   $D2I   $D2I   $D2±   $D2



)RUVFKXQJVJHVFKLFKWH

5DXPVHLXQGHVNHLQH¾6QGH½XQWHU&KULVWHQJHEH'LHVH$XIIDVVXQJLVW P ( DOOHUGLQJV YROONRPPHQ LQDN]HSWDEHO :HQQ GLH 8Q]XFKWWlWHU ZHJHQ LKUHV ¾)HKOYHUKDOWHQV½ DXV GHU *HPHLQGH YHUWULHEHQ ZHUGHQ PVVHQ YJO .RU ±   GDQQ LVW GLH *HPHLQGH HQWZHGHU NHLQ VQGHQIUHLHU 5DXP RGHU VLH PVVWH DOV 0DFKWEHUHLFK GHU ɴȦ ʔȨȢȪȫ̌ GLH 0LWJOLHGHU EHZDKUHQXQGEHVVHUQN|QQHQ0(KDW80%$&+GHQ9HU]LFKWGHV3DXOXV DXIGLH9HUZHQGXQJGHV%HJULIIVɨȥțȨȫȚțWKHRORJLVFKEHULQWHUSUHWLHUWV PHLQH.ULWLNDQ:(51/( 'LHJU|‰WH6FKZLHULJNHLWEHILQGHWVLFKZRKOLP 5|PHUEULHI :LH NDQQ 3DXOXV IU GLH FKULVWOLFKH *HPHLQGH GDV :RUW ɨȥțȨȫȚț PDO YHUZHQGHQ" :HLO GLH U|PLVFKH *HPHLQGH QLFKW VHLQH HL JHQH LVW" (LQH VROFKH HLQVHLWLJH 3RVLWLRQ N|QQHQ ZLU QLUJHQGV LP 5|PHU EULHIILQGHQ.DQQGLH7KHVH80%$&+VGDQQGDGXUFKJHUHWWHWZHUGHQGDVV HU 5|P ±DOV 5FNEOLFN DXIGLH YRUFKULVWOLFKH9HUJDQJHQKHLWDQVLHKW" ,Q 5|PXQG N|QQWH± REZRKO HV DXFKXPVWULWWHQ LVW ± GDPLW JHUHFKQHW ZHUGHQNHLQHVZHJVDEHULQ5|PGHQQLQGLHVHP.DSLWHOJHKWHVHLQGHX WLJ XP GLH SUlVHQWLVFKH %H]LHKXQJ ]ZLVFKHQ &KULVWHQ XQG GHU 6QGHQ PDFKW 80%$&+ OlVVW IU VHLQH 7KHVH GHQ XQEHVWUHLWEDUHQ 7DWDVSHNW GHU ɨȥțȨȫȚțDX‰HU$FKWZLHHULQ5|P.RU]XILQGHQ LVW $XFK DQGHUH XQNODUH 6WHOOHQ ZLH 5|P  I .RU  .RU  ODVVHQ GHQ 80%$&+VFKHQ 6FKOXVV QLFKW]X V X†  'DV ULJRURVH )HVWKDOWHQDP0DFKWEHJULIIKDW]XU)ROJHGDVV80%$&+3DXOXV¶%HVRUJQLV JHJHQEHUGHPVQGKDIWHQ9HUKDOWHQGHU&KULVWHQGXUFKJHKHQGEHUVLHKW 9RU DOOHP LVW GLH 8QWHUVFKHLGXQJ YRQ ¾6QGH½ XQG ¾9HUIHKOXQJ½ lX‰HUVW NQVWOLFK $XV GHP 'DUJHOHJWHQ LVW ]X HQWQHKPHQ GDVV GDV SDXOLQLVFKH 6QGHQYHUVWlQGQLV QXU PLW GHP 0DFKWFKDUDNWHU GHU ɨȥțȨȫȚț DXFK QLFKW ULFKWLJHUNOlUWZHUGHQNDQQ  7/&$57(5 3DXODQGWKH3RZHURI6LQ 7 / &$57(5 YHUVXFKW GDV SDXOLQLVFKH 6QGHQYHUVWlQGQLV DXV GHU ¾1HZ 3HUVSHFWLYH½]XEHOHXFKWHQ (V NRPPWGHP 9HUIDVVHUDXIGLH ¾VR]LDOH%H ]LHKXQJ]ZLVFKHQ-XGHQXQG+HLGHQFKULVWHQ½DQGLHV(ZHJHQGHULQGL YLGXDOLVWLVFKHQ 6QGHQYRUVWHOOXQJ VHLW $XJXVWLQ YHUQDFKOlVVLJW ZRUGHQ LVW8PGLHVR]LRNXOWXUHOOHQ9HUKlOWQLVVHLPGDPDOLJHQ.RQWH[W]XXQWHU VXFKHQ]LHKW&$57(5GLH¾JULGDQGJURXS½7KHRULHYRQ0'28*/$6KHU DQ1DFKGLHVHU7KHRULHKDWMHGH*HVHOOVFKDIWLKUHLJHQHV6\VWHPIUGLH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2±   $D2±   7 / &$57(5 3DXO DQG WKH 3RZHU RI 6LQ 5HILQLQJ ¾%H\RQG WKH 3DOH½ 066176 &DPEULGJH   $D2±   $D2±

)RUVFKXQJVJHVFKLFKWHG



9HUKDOWHQVNRQWUROOHLKUHU0LWJOLHGHU'XUFK¾JURXS½NRPPW]XP$XVGUXFN LQZLHZHLW VLFK HLQ 0LWJOLHG ]XU VR]LDOHQ (LQKHLW YHUHLQLJW ¾JULG½ VFKlW]W GDJHJHQ DE LQZLHIHUQ GDV 0LWJOLHG GLH VR]LDOH 1RUP VHLQHU 8PJHEXQJ DN]HSWLHUWE]ZDEOHKQW'DUDXVZHUGHQYLHUVR]LDOH.DWHJRULHQDEJHOHLWHW ¾KLHUDUFKLFDO VRFLHW\½ KLJK JULG  KLJKJURXS ¾VHFWHQFODYH½KLJKJURXS ORZJULG ¾FRPSHWLWLYHLQGLYLGXDOLVP½KLJKJULGORZJURXS ¾IUHHGRP IURP VRFLDO FRQVWUDLQWV½ ORZ JURXS  ORZ JULG  $QKDQG GLHVHV $QVDW]HV GHXWHW &$57(5 GLH 3DXOXVEULHIH 6 ( KDEH GHU $SRVWHO LP .RULQWKHU EULHIYHUVXFKWVHLQH*HPHLQGHYRQGHU:HOW]XWUHQQHQLQGHPHUDOV¾KLJK JURXSORZ JULG½ GLH ¾ORZ JURXSKLJK JULG½7HQGHQ] GHU NRULQWKLVFKHQ *H PHLQGH]XUFNZHLVW,QlKQOLFKHU:HLVHPDFKW&$57(5LP%OLFNDXIGHQ *DODWHUEULHIJHOWHQGGDVVGDV,QWHUHVVHGHV3DXOXVLPJDODWLVFKHQ.RQIOLNW GDULQ OLHJH GHQ -XGHQFKULVWHQ LKU 9RUUHFKW DE]XHUNHQQHQ XQG GLH VR]LDOH *UHQ]H QHX ]X ]LHKHQ 'HU $SRVWHO VFKUHLEH GLH 7RUD GHP DOWHQ bRQ ]X GHUXQWHUGHU6QGHQPDFKWVWHKW=XGHPDOWHQbRQVROOWHQDXFKGLH*HJ QHUJHK|UHQZHQQVLHZHLWHUKLQDQGHQ*HVHW]HVZHUNHQIHVWKDOWHQ 'DV ¾JULSJURXS½0RGHOO ZLUG YRQ &$57(5 HEHQIDOOV DXI GHQ 5|PHU EULHI DQJHZDQGW&$57(5 PDFKW]XQlFKVW DXIGLH 6LWXDWLRQ GHU U|PLVFKHQ *HPHLQGHDXIPHUNVDPLQGHUVLFKGLH-XGHQFKULVWHQXQGGLH+HLGHQFKULV WHQJHJHQEHUVWHKHQYJO5|P ,KUHVR]LDOH5HODWLRQ]XHLQDQGHUELOGHW &$57(5]XIROJHGDV.HUQWKHPDGHVJDQ]HQ5|PHUEULHIHV'HU%ULHIKDEH VHLQ =LHO GDULQ EHLGH *UXSSHQ DOV ¾KLJK JURXSORZ JULG½ ]X HLQHU QHXHQ *UXSSH ]X YHUHLQLJHQ LQGHP 3DXOXV GLH ¾ERXQGDU\ PDUNHU½)XQNWLRQ GHV *HVHW]HV VFKZlFKH XQG HLQ QHXHV ¾ERXQGDU\½ DXIVWHOOH GDV GLH &KULVWHQ YRQ GHU :HOW DEJUHQ]W &$57(5V 7KHVH OlVVW VLFK VR ]XVDPPHQIDVVHQ 'LH 3HUVRQLILNDWLRQ GHU 6QGH NDQQ LQ GHU SDXOLQLVFKHQ ,QWHQWLRQ EHJUQ GHW ZHUGHQ GLH 6QGHQPDFKW LVW GHP DOWHQ bRQ ]X]XVFKUHLEHQ XQG GLH +HLGHQFKULVWHQVLQGDOV¾JHUHFKWH,QVLGHU½]XEHWUDFKWHQ 0DQ NDQQ &$57(5V 7KHVH DQ YHUVFKLHGHQHQ 3XQNWHQ LQ )UDJH VWHOOHQ 6HLQH+DXSWWKHVHGDVVGLH6QGHQPDFKWEHL3DXOXVPLWWHOVGHVVR]LRORJL VFKHQ $QVDW]HV HLQOHXFKWHQG ]X HUKHOOHQ VHL LVW IUDJZUGLJ 'HQQ &$57(5V(UNOlUXQJHUVFKOLH‰WVLFKY|OOLJXQDEKlQJLJYRQGHU6QGHQSURE OHPDWLN1HQQHQ ZLU HLQSDDU %HLVSLHOH 'HU .RULQWKHUEULHI]X GHPGDV ¾JULG DQG JURXS½0RGHOO LP *UXQGH JXW SDVVW KDW QXU HLQHQ ɨȥțȨȫȚț %HOHJ.RU GHQ&$57(5REHQGUHLQIUHLQHQDFKSDXOLQLVFKH*ORV VHKlOW'DPLWLVWHVQLFKWP|JOLFKGHQ.RULQWKHUEULHIIUGLH'LVNXVVL GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $D2±   $D2±   $D2   $D2I±   $D2



)RUVFKXQJVJHVFKLFKWH

RQ EHU GLH 6QGHQPDFKW LQ %HWUDFKW ]X ]LHKHQ   $QKDOWVSXQNW YRQ &$57(5V 'HXWXQJ LVW OHGLJOLFK GLH NRULQWKLVFKH .RQVWHOODWLRQ GLH HU DXV .RU ± UHNRQVWUXLHUW KDW 'LH ,QWHUSUHWDWLRQ GHV *DODWHUEULHIHV LVW DXFK QLFKWXQSUREOHPDWLVFKZHLO&$57(5GDV¾JULGJURXS½0RGHOOQLFKWXQPLW WHOEDU DXI GLH 6QGHQSUREOHPDWLN DQZHQGHW VRQGHUQ EHUZLHJHQG DXI GLH ªERXQGDU\ PDUNHUV© ZRGXUFK -XGHQ GLH +HLGHQ DOV ¾6QGHU½ EHWUDFKWHQ NRQQWHQ 'LH ¾JULGJURXS½7KHRULH ZLUG DOVR QLFKW LQ GHP %HJULII ¾6Q GHQPDFKW½EHJUQGHWVRQGHUQGHIDFWRQXULQGHPMGLVFKHQ9RUXUWHLOGDV VLFKDXFKLPDOOJHPHLQHQ6DFKYHUKDOWHUKHOOHQOlVVW6RNDQQ]%IROJHQ GH )UDJH JHVWHOOW ZHUGHQ ,Q ZHOFKHU +LQVLFKW N|QQWH &$57(5 GHQ JDODWL VFKHQ .RQIOLNW EHUKDXSW DQGHUV DOV GHQ DQWLRFKHQLVFKHQ =ZLVFKHQIDOO GHXWHQ" 6LQG VLH HWZD EHLGH JOHLFKH (UHLJQLVVH REZRKO HV LQ $QWLRFKLHQ QLFKWXPGDV+HLOGXUFK*HVHW]HVZHUNHJLQJZLHLQ*DODWLHQ" 'DVJU|‰WH'HIL]LWEHVWHKWZRKODEHUGDULQGDVV&$57(56FKZLHULJNHL WHQKDWLQ5|P±GLHVR]LDOH6LWXDWLRQGHUU|PLVFKHQ*HPHLQGHKHUDXV ]XDUEHLWHQ(UNDQQQXUGLHW\SLVFKH7KHVHGHU1HZ3HUVSHFWLYHZLHGHUKR OHQ ª,QVWHDG LQ 5RPDQV ± 3DXO GHYHORSV D IUHVK XQGHUVWDQGLQJ RI WKH KXPDQSOLJKWDQGLWVVROXWLRQLQRUGHUWROHJLWLPDWHWKHSRVLWLRQRIODZIUHH *HQWLOH EHOLHYHUV© (V LVW NHLQ =XIDOO GDVV GLH %HKDQGOXQJ GHV 5|PHU EULHIHVEHL.DS±HLQVHW]WZHLO&$57(5GDVLQQHUJHPHLQGOLFKH3URE OHP GHU MGLVFKHQ XQG KHLGQLVFKHQ *UXSSHQ KHUYRUKHEHQ ZLOO   $EHU &$57(5ZLGPHWGHU([HJHVHYRQ5|P±QXUHLQHQVHKUNOHLQHQ7HLOVHL QHU$UEHLWRKQHGDVVGHUVR]LDOH+RUL]RQW±LP.RQWUDVW]XGHPVRJLQGL YLGXDOLVWLVFKHQ9HUVWlQGQLV±GDUDXVHUNHQQEDUZLUG6RN|QQWHGDV6QGL JHQDQVLFK±RKQHGLH3HUVRQLILNDWLRQGHU6QGHDQ]XQHKPHQ±DXFKGHP DOWHQ bRQ ]XJHRUGQHW ZHUGHQ ZLH GLHV HEHQ IU GHQ .RULQWKHUEULHI JLOW VR  &$57(5V$UEHLW LVWVHQVXVWULFWRNHLQH8QWHUVXFKXQJ]XPSDXOLQL VFKHQ 6QGHQYHUVWlQGQLV VRQGHUQ HLQH 'DUVWHOOXQJ GHU VR]LRORJLVFK UH NRQVWUXLHUWHQ 6LWXDWLRQ GHU SDXOLQLVFKHQ *HPHLQGHQ ZREHL PDQ JHWUHQQW YRQGHU6QGHQSUREOHPDWLN]XGHPVHOEHQ(UJHEQLVJHODQJHQN|QQWH  ,FKIDVVH]XVDPPHQL ,QGHU3DXOXVIRUVFKXQJZHUGHQGLH6WHOOXQJQDKPHQ GHV 3DXOXV ]XU 6QGH EHUZLHJHQG V\QFKURQ HUIDVVW 'DEHL ZLUG GLH 6Q GHQYRUVWHOOXQJ LP 5|PHUEULHI XQHLQJHVFKUlQNW IU GLH 'HXWXQJ GHU DQGH UHQ %ULHIH DQJHZDQGW VR DOV KDEH GHU $SRVWHO HLQH IHVWH 6QGHQOHKUH LP GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JODD2&DUWHUHUNOlUWQLFKWZDUXPGLHɨȥțȨȫȚțLP.RULQWKHUEULHIQLFKW JHEUDXFKW ZLUG XQG ZHOFKH 'LIIHUHQ] GLHVH 7DWVDFKH IU GLH 'HXWXQJ GHV 5|PHUEULHIHV DXIZHLVHQNDQQ   $D2&DUWHULVWLQJHZLVVHU+LQVLFKWPHKUJHSUlJWYRQGHU1HZ3HUVSHFWLYH DOV 'XQQ   ZHQQ &DUWHU LKQ ZHJHQ GHVVHQ 3RVLWLRQ NULWLVLHUW GDVV VLFK LQ 5|P ± NHLQHVR]LDOH)UDJH]ZLVFKHQ-XGHQXQG+HLGHQILQGHW    $D2±

)RUVFKXQJVJHVFKLFKWHG



.RSILL ,QGHQYRUKDQGHQHQ8QWHUVXFKXQJHQVSLHJHOWVLFKGLHFKULVWOLFKH 6LFKWZHLVH ZLGHU DXV GHU HLQ &KULVW DXI VHLQH YHUJDQJHQH 6QGH ]XUFN EOLFNW 'DV LVW P ( GHU +DXSWJUXQG GDIU GDVV GDV SDXOLQLVFKH 6QGHQ YHUVWlQGQLV YRUQHKPOLFK DXI SRVWNRQYHUVLRQDOHU (EHQH XQWHUVXFKW ZLUG LLL 'HU7DWXQGGHU0DFKWFKDUDNWHUGHU6QGHZHUGHQQLFKWKLQOlQJOLFKLQ 5HFKQXQJ JHVWHOOW (QWZHGHU ZLUG HLQHV YRQ EHLGHQ HLQVHLWLJ KHUYRUJHKR EHQ RGHU GLH ,QWHQWLRQGHV 3DXOXVGLH6QGH DOV HLQ]LJDUWLJ GDU]XVWHOOHQ ZLUG QXU XQ]XUHLFKHQG EHJUQGHW LY  'LH 6QGHQSUREOHPDWLN KDW NHLQH HUVFK|SIHQGH%HKDQGOXQJLP=XVDPPHQKDQJPLWGHU5HFKWIHUWLJXQJVOHKUH ± DOVR DXV VRWHULRORJLVFKHU 6LFKW ± HUIDKUHQ 'LHV LVW MD XQDXVZHLFKOLFK ZLOOPDQGLHSDXOLQLVFKHQ7H[WHDOVVROFKHDXVOHJHQGLHVLFKDQGLHEHUHLWV EHNHKUWHQ &KULVWHQ ULFKWHQ -HGRFK EOHLEW GLH )UDJH XQEHDFKWHW ZLH GLHVH &KULVWHQYRQLKUHPYRUFKULVWOLFKHQ6QGHUVHLQ]X&KULVWXVEHNHKUWZXUGHQ :LH LVW GDQQ GLH 6QGHQSUREOHPDWLN LQ 6WXGLHQ ]XU 5HFKWIHUWLJXQJVOHKUH DXIJHJULIIHQZRUGHQ"  

'LH6QGHQWKHPDWLNLQ8QWHUVXFKXQJHQ  ]XUSDXOLQLVFKHQ5HFKWIHUWLJXQJVOHKUH

 (V HUEULJWVLFK KLHU HLQHQ XPIDVVHQGHQ IRUVFKXQJVJHVFKLFKWOLFKHQ hEHU EOLFN ]XU 5HFKWIHUWLJXQJVOHKUH ]X JHEHQ -HGRFK YHUGLHQW GLH %H]LHKXQJ ]ZLVFKHQ 6QGH XQG 5HFKWIHUWLJXQJ XQVHUH $XIPHUNVDPNHLW ]XPDO GLH YRUOLHJHQGH 8QWHUVXFKXQJ DXV VRWHULRORJLVFKHU 6LFKW HLQHQ %OLFN DXI GDV SDXOLQLVFKH 6QGHQYHUVWlQGQLV ZLUIW 1HEHQ GHU FKULVWOLFKHQ 6LFKWZHLVH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO DXFK GLH $XIVlW]H EHU 6QGH EHL 3DXOXV ( /2+0(>Y 3K>U ¥>>U  >Y UVPM KE>H7 K0], KOEQ ´ X DP'LH%HGHXWXQJHQGHUKHEUlLVFKHQ9RNDEHOQODVVHQVLFKLQYLHOHQ)lO OHQQLFKWVFKDUIXQWHUVFKHLGHQ(VHPSILHKOWVLFKGDKHUXQVHUHhEHUOHJXQJ DXI GLH HUVWHQ IQI +DXSWEHJULIIH ]X NRQ]HQWULHUHQ GLH UHSUlVHQWDWLY GLH DOWWHVWDPHQWOLFKH6QGHQYRUVWHOOXQJ]XP$XVGUXFNEULQJHQ'DIUVSULFKW YRU DOOHP GDVV GLHVH +DXSWEHJULIIH DP KlXILJVWHQ EHOHJW VLQG +LQ]X NRPPW GDVV GLH 9LHOIDOW GHU DOWWHVWDPHQWOLFKHQ 6QGHQYRNDEHOQ NHLQ JH VWRFKHQ VFKDUIHV %LOG GHU ª6QGH© HUP|JOLFKW 'DUDXV IROJW GDVV ZHGHU HLQH V\VWHPDWLVFKH +DPDUWLRORJLH HQWQRPPHQ QRFK DXI DOOH 7H[WH HLQJH JDQJHQZHUGHQNDQQZHOFKHRKQHGLHRJ7HUPLQLGLHPHQVFKOLFKH6QG KDIWLJNHLWVXJJHULHUHQ  L  WD)M LVW GHU ZLFKWLJVWH LP $OWHQ 7HVWDPHQW EH]HXJWH 6QGHQWHUPLQXV 1HEHQ GHU PDO JHEUDXFKWHQ 9HUEIRUP DIM LVW GDV 6XEVWDQWLY WD)M  PDO PLW GHU %HGHXWXQJ ª6QGH© EHOHJW XQG PDO DOV ª6QGRSIHU© DIM EHGHXWHW XUVSUQJOLFK ¾HLQ =LHO YHUIHKOHQ½ GLHVH *UXQGEHGHXWXQJ LVW GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   ,Q %H]XJ DXI GHQ JULHFKLVFKU|PLVFKHQ 6QGHQ XQG 6KQHEHJULII YJO †  GLHVHU $UEHLW   * 9 5$' 7KHRORJLH GHV $OWHQ 7HVWDPHQWV %G , 'LH 7KHRORJLH GHU JHVFKLFKWOL FKHQhEHUOLHIHUXQJHQ,VUDHOV0QFKHQ   5.1,(5,0'LH+DXSWEHJULIIHIU6QGHLP$OWHQ7HVWDPHQW*WHUVORK

'HU%HJULIIª6QGH©LQGHUDWOXQGJULHFK7UDGLWLRQG



LQ5L6SUI+LQRFKVSUEDU*UXQGVlW]OLFKEH]HLFK QHW GDV :RUW DIM VRZRKO QHJDWLYH 9HUKDOWHQVZHLVHQ LQ UHOLJL|VHU %H]LH KXQJ-RV6DP3V DOVDXFK]ZLVFKHQPHQVFKOLFKH 9HUJHKHQ *HQ  6DP   (QWVSUHFKHQG EULQJW DIM YRU DOOHP GDV1LFKW(UUHLFKHQ GHV HLJHQWOLFK ,QWHQGLHUWHQXQGGHUPHQVFKOLFKHQ%H VWLPPXQJQlPOLFKGHV*HPHLQVFKDIWVYHUKlOWQLVVHV]X*RWW]XP$XVGUXFN %HLQDKH GLH +lOIWH GHU %HOHJH NRPPW LQQHUKDOE GHU 3ULHVWHUVFKULIW YRU ZREHL WD)M  YRU DOOHP ¾6QGRSIHU½ EHGHXWHW YJO /HY     0LW WD)M DI@MH ZLUG DXI YHUVFKLHGHQH 9HUIHKOXQJHQ ZLH HWZD 'LHEVWDKO *HQ   *|W]HQGLHQVW 'WQ I  XQG 9HUJHKHQ VR]LDOHU $UW +RV ±  DQJHVSLHOW .RQVWLWXWLY LVW GDEHL GHU *DQ]KHLWVJHGDQNH 6QGH EHZLUNWGDVVGLH*HPHLQVFKDIWGHV0HQVFKHQPLW*RWWNRPSOHWWDEEULFKW 'LH/;;EHUVHW]WWD)M DI@MHQDKH]XLPPHUPLWɨȥțȨȫȚț ɨȥȗȨȫȠȥțVHKU VHOWHQPLWɳȦʙȥȚțYJO-HVE-RV  LL  #> 'LHVHP LP $OWHQ 7HVWDPHQW LQVJHVDPW PDO YRUNRPPHQGHQ 1RPHQ OLHJW GLH *UXQGEHGHXWXQJ GHV 9HUEV ªEHXJHQ© ªNUPPHQ© ªYHU NHKUHQ© XQG ªYHUGUHKHQ© ]XJUXQGH $XV GHP YHUEDOHQ 6LQQJHKDOW ¾EHX JHQ½ XQG ¾NUPPHQ½ WULWW GDV %LOG KHUYRU PLW GHP GHU JDQ]H $EODXI YRQ VQGLJHU7DW]XVWUlIOLFKHU7DWIROJHEH]HLFKQHWZLUG'HU%HJULII #> EHWRQW DOVRGHQ7DW)ROJH=XVDPPHQKDQJXQGVFKOLH‰WGLHVLFKDXVGHU7DWHUJH EHQGH 6WUDIH HLQ YJO *HQ  ([  /HY   6DP   5.2&+YHUWULWWGLH$XIIDVVXQJGDVV #> WDWVlFKOLFKNHLQHEHVWLPPWHQ7D WHQVRQGHUQª$XIO|VXQJGHV*HPHLQVFKDIWVYHUKlOWQLVVHV]ZLVFKHQ0HQVFK XQG*RWW©EH]HLFKQHW$QGHUVDOV >Y 3 VX EH]LHKWVLFK #> DXFKDXIXQ ZLVVHQWOLFK EHJDQJHQH 9HUIHKOXQJHQ VRZRKO JHJHQ -DKZH DOV DXFK JHJHQ 0LWPHQVFKHQ 'HU %HJULII #> ZLUG LQ GHU /;; EHUZLHJHQG PLW ɳȞȢȣȚț ɳȞȚȣȠȥț 'WQ  6DP    (VU  +L   ZLHGHUJHJHEHQXQG±ZHLWDXVZHQLJHUEH]HXJW±PLWɨȥțȨȫȚț*HQ /HY^`+L   LLL  >Y 3 'LH:XU]HO >YS LVW PDO XQG GDV 6XEVWDQWLY >Y 3 PDO LP JHVDPWHQ $OWHQ 7HVWDPHQW EHOHJW ,Q GLHVHP %HJULII NRPPW RIW HLQH DE VLFKWOLFK XQG ZLOOHQWOLFK EHJDQJHQH hEHUWUHWXQJ HLQHU 1RUP ]XP $XV GUXFN'HU*HEUDXFKWULWWLPUHFKWOLFKHQ.RQWH[WKHUYRU([$P  (]  +RV  >Y 3 EH]HLFKQHW GDEHL HLQH NRQNUHWH 7DW GLH EH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   5 .2&+ 'LH 6QGH LP $OWHQ 7HVWDPHQW )UDQNIXUW D 0 X D  I 5 .1,(5,0+DXSWEHJULIIH   9JO5.1,(5,0+DXSWEHJULIIH   6]%/HY1XP'WQ.|Q3V 3UHG-HV(]+L   5.1,(5,0$UW#>7+$7,,   5.2&+6QGH   5.1,(5,0+DXSWEHJULIIH   5&&29(5$UW6LQ$%'9,



'HU%HJULIIª6QGH©LQGHUDOWXQGJULHFK7UDGLWLRQ

ZXVVWEHDEVLFKWLJWXQGZLOOHQWOLFKEHJDQJHQZRUGHQLVW'HU%HJULII >Y 3 LVWDOVRDOVGHUNUlIWLJVWH$XVGUXFNIU6QGH]XZHUWHQªZHLO,VUDHOV9HU KlOWQLV ]X -DKZH DP SURILOLHUWHVWHQ LQ GHU 6SKlUH GHV 5HFKWV DXVJHSUlJW ZDU© 'DKHU KDEHQ hEHUWUDJXQJHQ ZLH ¾9HUEUHFKHQ½ XQG ¾$EIDOO½ GDV %LOG GHV ¾*HPHLQVFKDIWVDEEUXFKV½ LP %OLFN -HGRFK LVW GLH EHUWUHWHQH 1RUPQLFKWLPPHU±EHLQlKHUHP+LQVHKHQHKHUVHKUVHOWHQ±JUHLIEDUEH ]HLFKQHW YJO *HQ  ([  .|Q  3V  6SU   >Y 3 DN]HQWXLHUW LQVRIHUQ QLFKW GDV hEHUWUHWHQ HLQHU EHVWLPPWHQ 1RUP ZLH GHU 7RUDVRQGHUQGLHIUHYHOKDIWH,QWHQWLRQHLQHU+DQGOXQJ'LH/;;EHUVHW]W >Y 3 PLW ɨȥȗȨȫȠȥț YJO *HQ  -RV   ɳȞȢȣȚț YJO *HQ  ([  1XP  .|Q  +L    ɳȞȚȣȠȥț YJO ([  /HY ɳȦʙȥȚțYJO+L RGHUȧțȨȗȧȫȯȥțYJO+L  LY  K>U XQG >Y U %HLGH:RUWH KlQJHQ LP %OLFN DXI LKUH %HGHXWXQJHQ HQJ ]XVDPPHQ 'LH :XU]HO >>UKDW GLH %HGHXWXQJ YRQ ªVFKOHFKW VHLQ© XQG VWHKW GHP %HJULII EI JHJHQEHU 6RVHKU EI GLH HWKLVFKH )RUGHUXQJ EHWRQWVRVHKUKHEW K>U HLQHPRUDOLVFKH'LVTXDOLILNDWLRQKHUYRUª%|VHV© ª)UHYHO© 'DKHU YHUZHLVW K>U DXI HLQHQ VFKOHFKWHQ /HEHQVZDQGHO RGHU DXI )HKOYHUKDOWHQ .|Q  .|Q  -HU   (]   6SU    K>U ZLUG LQ GHU /;; ZLHGHUJHJHEHQ PLW ȣțȣȚț YJO ([  6DP   +L   ȣȗȣȯȪȢȩ ȣțȣʛȩ YJO 1XP  3V    ȧʙȦȠȨȚț YJO 5L   XVZ 'HPJHJHQEHU WULWW >Y U LPIRUHQVLVFKHQ.RQWH[WKHUYRUXQG]ZDUDOV*HJHQWHLOYRQ TG[ YJO.|Q-HVI0DO ,QGLHVHP=XVDPPHQKDQJLVWGDV 9HUEDOV¾VFKXOGLJVHLQVFKXOGLJZHUGHQ½RGHU¾IUHYHOKDIWVHLQ½]XEHUVHW ]HQ%HL >Y U DOV)UHYHOJHKWHVXP+DQGOXQJHQGLHXQJHUHFKWDXVJHIKUW ZRUGHQVLQGYJO([0L3V(] 'LH/;;JLEWGLH VHV:RUWPLWɳȪȘʖȠȥț ɳȪȘʖȟȢțYJO'WQ+L6SU3UHG  ɳȦʙȥȚțYJO3V  ɨȥțȨȫȚț ɨȥȗȨȫȠȥțYJO3V-HU  HWFZLHGHU   (VLVWQLFKWHLQIDFKHLQHQJHPHLQVDPHQ1HQQHUIUGLHDOWWHVWDPHQWOLFKHQ 6QGHQWHUPLQL]XILQGHQ(VJLEWLQVJHVDPW$XVGUFNHLP+HEUlLVFKHQ RKQHGDVV GLHVHNODU XQG GHXWOLFK YRQHLQDQGHUXQWHUVFKLHGHQZHUGHQN|Q QHQ'LHV]HLJWVLFKVFKRQLQGHU7DWVDFKHGDVVGLH/;;GLHRJ9RNDEHOQ QXU PLW VHFKV JULHFKLVFKHQ 7HUPLQL ZLHGHUJLEW ,PPHUKLQ N|QQHQ ZLU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   5.1,(5,0+DXSWEHJULIIHI   5.1,(5,0$UW>Y 37+$7,,   6]XP*DQ]HQ5.2&+6QGH±   9JO5,&.$UW>>U7K:$79,,   $6&+(1.(5$UW6QGH1%/,,,5,1**5(1$UW>Y U7K:$79,,   5.2&+6QGH9JO-% 216,59(1/HSpFKpHWVRQH[SLDWLRQVHORQODWKpR ORJLHGXMXGDwVPHSDOHVWLQLHQDXWHPSWGH-pVXV&KULVW%LE 

'HU%HJULIIª6QGH©LQGHUDWOXQGJULHFK7UDGLWLRQG



IHVWKDOWHQ GDVV HLQ *DQ]KHLWVGHQNHQ IU GDV DOWWHVWDPHQWOLFKH6QGHQYHU VWlQGQLV NRQVWLWXWLY LVW 'XUFK GLH PHQVFKOLFKH 9HUIHKOXQJ LVW GLH %H]LH KXQJ]ZLVFKHQ*RWWXQG0HQVFKHQ]HUVW|UWZRUGHQ ZREHL GHU %XQGHVJH GDQNHHLQHZLFKWLJH5ROOHVSLHOWYJO1HK7RE±3V6DO 'XUFK GLH .RPSOH[LWlW GHV DOWWHVWDPHQWOLFKHQ 6QGHQYHUVWlQGQLVVHV ZLUG QDFK YROO]LHKEDU GDVV GLH QHXWHVWDPHQWOLFKHQ $XWRUHQ NHLQH YRP $OWHQ 7HVWD PHQW NDWHJRULVFK DEJHOHLWHWH 6QGHQYRUVWHOOXQJ YRU $XJHQ JHKDEW KDEHQ REZRKO WD)M  GHUQHXWHVWDPHQWOLFKHQɨȥțȨȫȚțWHUPLQRORJLVFKDPQlFKVWHQ VWHKW$X‰HULP+LQEOLFNDXIGLHDOOJHPHLQH6QGKDIWLJNHLWZLUGGLHDOWWHV WDPHQWOLFKH +DPDUWLRORJLH LP 1HXHQ 7HVWDPHQW QLFKW NRQNUHW KHUDQJH]R JHQ :LFKWLJHU LVW P ( GLH )UDJH ZLH PDQ ]X GHU (UNHQQWQLV GHU 6QGH NRPPW  (VZLUGJHPHLQKLQDQJHQRPPHQGDVVLP$OWHQ7HVWDPHQWXQGLP-XGHQ WXPHLQH6QGHDOVhEHUWUHWXQJGHV*HVHW]HVE]ZGHU*HERWH]XYHUVWHKHQ LVW ª 'D GHU *RWW ,VUDHOV VHLQHQ:LOOHQLP *HVHW]NXQGJHWDQ KDWVLQGLP -XGHQWXP GLH %HJULIIH 6 >VF 6QGH@ XQG 6FKXOG YRQ *HVHW] KHU EH VWLPPW©   'LHVHV 9HUVWlQGQLV NRPPW LQ IROJHQGHP ZRUWVSLHODUWLJHQ 6SUXFK SUlJQDQW]XP $XVGUXFN ¾VLQV RI RPLVVLRQ ± VLQV RI FRPPLVVLRQ½ 6QGHXPIDVVWGLHVHU$XIIDVVXQJ]XIROJHVRZRKOGDV8QWHUODVVHQGHV*H ERWHQHQDOVDXFKGDV7XQGHV9HUERWHQHQYJOPYU  XQG *HUHFKWHQ

 ]ZHLPDO DXIJHVWHOOW   XQG +DE  EHUKUW GLH ]ZHLWH $QWZRUW -+:+V T\',;K 'LH =HLWEHVWLPPXQJ YRQ  JUHLIW GLH )UDJH GHV3URSKHWHQ ª:LH ODQJH"© KQD$G>  DXI DOVRGDVHUVWH:RUWGHV%XFKHV+LHUEHLLVW GLHFKLDVWLVFKH*HJHQEHUVWHOOXQJYRQ9D XQG 9E VFKRQ LQGHU )UDJHVWHOOXQJ GHXWOLFK 'HU *HUHFKWH LQ +DEE ZLUG VRPLW DE RYR DOV JHUHFKW GDUJHVWHOOW GHQQ +DE WKHPDWLVLHUW KLHUEHL NHLQH %HGLQJXQJ IU GDV *HUHFKWZHUGHQVRQGHUQOHGLJOLFKGDV*HVFKLFNGHV*HUHFKWHQGHUXQWHUGHU%HGUFNXQJ GHV*RWWORVHQOHLGHW'DV(QGHGHU=HLWNRPPW±WURW]GHUP|JOLFKHQ9HU]|JHUXQJ±PLW 6LFKHUKHLW LQGHPGLH6WUDIHIUGHQ*RWWORVHQYRUEHUHLWHWLVW$EHUGHU*HUHFKWH ZLUG ELV GDKLQ LQ VHLQHU %HVWlQGLJNHLW OHEHQ   (V JHKW DOVR LQ GHU $QWZRUW -+:+V XPGDV9HUKDOWHQGHV*HUHFKWHQQDKHGHP(QGHGHU=HLW'DUEHUKLQDXVVWW]WDXFKGLH PDVRUHWLVFKH $N]HQWXLHUXQJ GLH 'HXWXQJ L  GD GHU WUHQQHQGH $N]HQW DFFHQWXV GLVWLQFWLYXV 0rUNHNƗGDV6XEMHNWT\…',[ Z ´ EHJOHLWHWXQGGHUYHUELQGHQGH$N]HQWDFFHQWXV FRQMXQFWLYXV  7LSKƗ GLH SUlSRVLWLRQDOH :HQGXQJ WuQ:PD!%   6RPLW ZLUG HLQ 9HUVWlQGQLV QDKH JHOHJW GHP ]XIROJH GLH :HQGXQJ ªLQ VHLQHU %HVWlQGLJNHLW© DOV $GYHUE GDV 9HUE EHVWLPPW XQG GHQ /HEHQVZDQGHO GHV *HUHFKWHQ ]XP $XVGUXFN EULQJW  2E +DE LQ GHU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   ,Q GLHVHU 'HXWXQJ LVW GDV 6XEMHNW GHQQRFK LQKDOWOLFK GHWHUPLQLHUW 6 GD]X ) , $1'(56(1 +DEDNNXN $QF%  1HZ D\T\G[Z  'LH KHEUlLVFKH KQ: PD! ZXUGH PLW GHU DUDP DIYZT ª$XIULFKWLJNHLW©  HUVHW]W 3HVFKLWWD ťŷƌ ŦŁŴƍƊſųŨ ťƠſĪĮĭ $XIIDO OHQG LVW GDEHL GDVV GDV :RUW ªLP *ODXEHQ©  ŦŁŴƍƊſųŨ  RKQH MHJOLFKHV 6XIIL[ ± ZLH EHL 3DXOXV ± IRUPXOLHUW ZXUGH ,PPHUKLQ VWW]HQ EHLGH hEHUVHW]XQJHQ GLH SDXOLQLVFKH $XIIDVVXQJQLFKW   0LW GHP 6XIIL[ GHU  3HUV PDVN 6J   VLQG ]ZHL 'HXWXQJHQ LP +LQEOLFN DXI WQ:PD!%P|JOLFKLP9HUWUDXHQDXILKQ -+:+JHQREM ZHLOHU GHU*HUHFKWH JHQVXE WUHXLVW$OOHUGLQJVLVWGLH)UDJHQLFKWVRHQWVFKHLGHQGZHLOGLH7UHXH KQ:PD!  LQMHGHP)DOOGHP*HUHFKWHQ]XJHVFKULHEHQZLUG(VLVWLQWHUHVVDQWGDVVGLHhEHUVHW]HU GHU/;; WQ:PD!% DOVɴȣȧȚȪȫȟȳȩȥʙȬZLHGHUJHEHQ'LH:HQGXQJɴȣȧȚȪȫȟȳȩȥʙȬNDQQ ZRKO EHVVHU DOV ªZHJHQ GHV 9HUWUDXHQV DXI PLFK© JHQ REM  DXIJHIDVVW ZHUGHQ DXFK ZHQQGLHhEHUWUDJXQJªZHJHQPHLQHU7UHXH©JHQVXE QLFKWDXV]XVFKOLH‰HQLVW'HQQ GLHȧȚȪȫȢȩZLUGLQGHU/;;QXUVHOWHQLP6LQQHGHUª7UHXH©*RWWHVJHEUDXFKWGDOHGLJ OLFK3V  6LU 3V6DO  +RV -HU DXVGHQȧȚȪȫȢȩ%HOHJHQ PLW*RWWYHUEXQGHQVHLQN|QQHQ-HGHQIDOOVLVWGDV6XIIL[  GHV07YRQGHU/;;DOVDXI *RWWEH]RJHQEHUQRPPHQ   '$.2&+6FKULIWI:7+,1'(560,77(1+DEDNXNDOVSURSKHWLVFKH 'HILQLWLRQGHV*HUHFKWHQLQ+-)DEU\+J %DXVWHLQHELEOLVFKHU7KHRORJLH)6-* %RWWHUZHFN%%%.|OQXD   9JO675$&.% ,//(5%(&.,,,± 



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

WULWW(LQH DXIIDOOHQGH 'HXWXQJ ELHWHW DXFK 04RK LQGHP HUGLH KQ:PD! DOV GDV+DQG ZHUNW:Q0:D YHUVWHKWXQGPLW*HERWVHUIOOXQJHQLQ9HUELQGXQJEULQJW$XIJUXQGGLHVHU ]ZHL %HLVSLHOH OLHJW GLH 9HUPXWXQJ QDKH GDVV GLH $XIIDVVXQJ GHV 3DXOXV EHU +DE  HLQ]LJDUWLJ ZDU P|JOLFKHUZHLVH VRJDU DQWLWKHWLVFK ]XP GDPDOLJHQ 9HUVWlQGQLV :HQQ +DE GLH /HEHQVZHLVH GHV *HUHFKWHQ EHWRQW EHL 3DXOXV MHGRFK GLH %H]LHKXQJ YRQ ɰ ȞȚȣțȢʙȩXQGɴȣȧȚȪȫȟȯȩKHUYRUWULWWVRLVWXPVRGHXWOLFKHUGDVV+DEXUVSUQJOLFKLQ NHLQHUGLUHNWHQ%H]LHKXQJ]XUSDXOLQLVFKHQ5HFKWIHUWLJXQJVOHKUHJHVWDQGHQKDEHQNDQQ

 'DV$EUDKDPPRWLYLQGHU1LFKWDQUHFKQXQJVWKHRORJLH

=XQlFKVWLVW]XHQWVFKHLGHQREGDV$EUDKDPPRWLYEHUHLWVLPSDXOLQLVFKHQ 3URWRNHU\JPDHLQH5ROOHJHVSLHOWKDW'D]XZROOHQZLUQXQHLQHQ%OLFNDXI *DO  ZHUIHQ ZHLO 5|P  HLQH ¾VSlWHUH½ 3KDVH VHLQHV *HGDQNHQV YHUUlW XQG VFKRQ GLH 9HUVFKPHO]XQJ GHU 6KQXQJV XQG GHU 1LFKWDQUHFKQXQJV WKHRORJLHHUNHQQHQOlVVWYJO5|P± 'DEHLLVWQRFK]XEHGHQNHQ REGLH$EUDKDPVSUREOHPDWLNLQGHP¾DQGHUHQ½(YDQJHOLXPGHUJDODWLVFKHQ *HJQHU HLQH 5ROOH VSLHOWH (V LVW DOVR YRQ JUR‰HP %HODQJ ZLH VLFK GDV $EUDKDPELOGLP)UKMXGHQWXPYRUXQG]X/HE]HLWHQGHV3DXOXVGDUJHVWHOOW KDW 9RQGLHVHP9HUVWlQGQLVKHUPVVHQZLUDXI*DOIIHLQJHKHQZR 3DXOXV$EUDKDPLQGLH$UJXPHQWDWLRQHLQIKUWXPGLH*HUHFKWLJNHLWGXUFK *HVHW]HVZHUNH]X ZLGHUOHJHQ =X GLHVHP =ZHFN VLQG GLHMGLVFKHQ 4XHO OHQDXIVFKOXVVUHLFKEHVRQGHUVZHLOGLHJHJQHULVFKH/HKUHLP*DODWHUEULHI QXULQGLUHNWHUNHQQEDULVW$XIJUXQGGHU7KHRSKDQLHJHVFKLFKWHLQ*HQ EHVFKUHLEHQ MGLVFKH 6FKULIWHQ $EUDKDP DOV GHQ HUVWHQ -DKZHJOlXELJHQ E]ZGHQHUVWHQ3URVHO\WHQ$SN$EU±3KLOR$EU3KLORPXW3V 3KLO   'DUEHU KLQDXV ZXUGH $EUDKDP DOV 8UKHEHU GHV PRQRWKHLVWL VFKHQ %HNHQQWQLVVHV DXIJHIDVVW YJO ȧȨʌȫʙȩʙɦȦȫʙȤȥ˵ʝȟɅȦɳȧʙʞșȦț ȪʝțȢȞȠȥȢʙȬȨȝɅȦȫʌȦɌȤȯȦɉȦț-RV$QW 'HQQRFKZXUGHHUWURW] GHVYRUELOGOLFKHQ*HKRUVDPVHUVWPLWGHU%HVFKQHLGXQJYROONRPPHQ1HG 6KHP5YJO*HQ-XEI ZlKUHQGVHLQH9ROONRPPHQ KHLW QDFK DQGHUHQ 4XHOOHQ GXUFK VHLQH 9HUVXFKXQJ EHL GHU 2SIHUXQJ GHV ,VDDN HUZRUEHQ ZXUGH -XE  -GW I  1DFK 3KLOR LVW $EUDKDP GHU HUVWH %HNHKUWH ZHLO HU LQ VHLQHU *RWWHVHUNHQQWQLV GHU HUVWH ZDU ȞȢɅ ȣțɄ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   675$&.% ,//(5%(&.,,,   9JO: ,/&.(165|P,GHUPHLQWGDVV3DXOXV+DEDOV6FKULIW]HXJQLVDXV FKULVWOLFKHU 7UDGLWLRQ EHUQDKP +HEU ± DOVR :LOFNHQV¶ %HOHJ IU VHLQH 7KHVH VWHKW DEHU LQ GHU HLJHQHQ 5H]HSWLRQ GHU 6WHOOH ZREHL GDV )HVWVWHKHQ LP /HLGHQ ± YHU JOHLFKEDUPLWGHPXUVSUQJOLFKHQ.RQWH[WYRQ+DE±EHWRQWZLUG   : ,/&.(16 5|P ,  . b6(0$11 5|P   9JO + 6&+/,(5  'HU %ULHI DQ GLH*DODWHU.(.*|WWLQJHQ 0,&+(/5|P)08661(5'HU*DOD WHUEULHI+7K.XQJHNU]WH6RQGHUDXVJ)UHLEXUJ   9JOGLHGHWDLOOLHUWH 6WXGLHYRQ $ 0h+/,1* ª%OLFNW DXI $EUDKDP HXUHQ 9DWHU© $EUDKDP DOV ,GHQWLILNDWLRQVILJXU GHV -XGHQWXPV LQ GHU =HLW GHV ([LOV XQG GHV =ZHLWHQ 7HPSHOV)5/$17*|WWLQJHQ±   9JO6&+/,(5*DO+-(&.67(,19HUKHL‰XQJI

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



ȧȢȪȫȟʊȪțȢ ȤȘȝȟȫțȢ ȫ̌ ʝȟ̌ ȧȨʌȫʙȩ  ɴȧȟȢȞɃ ȣțɄ ȧȨʌȫʙȩ ɳȣȤȢȦɩ ȣțɄ ʖȟʖțȚțȦ ɐȪʚȟȦ ɱȧʛȤȠȮȢȦ  ɲȩ ɐȪȫȢȦ ɶȦ țɒȫȢʙȦ ȫɅ ɳȦȯȫȗȫȯ ȣțɄ ȧȨʙȦʙȟʃ ȫʙʊȫȟȣʛȪȥʙȬȣțɄȫʌȦɴȦțɿȫ̌3KLORYLUWYJOPXW$EUI  ,Q¾'H$EUDKDPR½EHWRQW3KLORGLH)U|PPLJNHLW$EUDKDPV± VHLQH 9ROONRPPHQKHLW LQ GHU :HLVKHLW ±  VHLQH 'DUEULQJXQJ GHV ,VDDN ±  VHLQH *HUHFKWLJNHLW LQ %H]LHKXQJ ]X DQGHUHQ ±  VHLQH 7DSIHUNHLW LP .ULHJ ±  XQG ]XOHW]W VHLQHQ *ODXEHQ ±  'LH )U|PPLJNHLWȟɿȪȘʖȟȢț GHV$EUDKDPLVWQXULQVHLQHP6WUHEHQ]XYHUVWH KHQGLH*RWWHVJHERWH]XEHIROJHQ3KLOR$EU3KLORPLJU $XV GHP'DUJHOHJWHQHUJLEWVLFK3KLORNDQQWH±EHVRQGHUVLQ%H]XJDXI$EUD KDP ± NHLQH $QWLWKHVH YRQ :HUNHQ XQG *ODXEHQ 2EZRKO DXFK 3KLOR GHQ *ODXEHQ $EUDKDPV DN]HQWXLHUW ZLUG VHLQH 7UHXH QLFKW DOV %HGLQJXQJ IU GDV*HUHFKWZHUGHQTXDOLIL]LHUW ,P9HUJOHLFK]X3KLOR]HLJHQPDQFKHMGLVFKHQ6FKULIWHQXQYHUNHQQEDU GLH7RUDREVHUYDQ]$EUDKDPV(UKDWQDFK4LGXQG-RPDEGDVJDQ ]H*HVHW]GHV 0RVH HUIOOW DOV HV QRFKQLFKW JHJHEHQZDUYJO%DU  $EUDKDPZDUYROONRPPHQLQDOOVHLQHP7XQJHJHQEHU*RWWXQGZRKOJH IlOOLJLQ*HUHFKWLJNHLWDOOH7DJHVHLQHV/HEHQVYJO-XE6LUI  $XFK -RVHSKXV YHUVWHKW GHQ *UXQG GHU *RWWHVYHUKHL‰XQJ DQ $EUDKDP DOV (UJHEQLV VHLQHU 7XJHQG ɳȨȟȫș  XQG JXWHQ :HUNH ȟɿȧȨțȝȚțȢ -RV$QW   ,P GDPDOLJHQ -XGHQWXP LVW HV QLFKW YRUVWHOOEDU GLH 7DW HLQHV *H UHFKWHQ YRQ VHLQHP *ODXEHQ JHWUHQQW ]X EHWUDFKWHQ VRIHUQ GLH *HUHFKWHQ XQG GLH )URPPHQ NXU]ZHJ GLH ¾*OlXELJHQ½ JHQDQQW ZXUGHQ $XV REHQ JHQDQQWHQ %HLVSLHOHQ ZLUG HUVLFKWOLFK GDVV GHP GDPDOLJHQ -XGHQWXP GLH *HJHQEHUVWHOOXQJ YRQ *HVHW]HVZHUNHQ XQG *ODXEHQ EHL $EUDKDP VHKU IUHPGZDU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   6 6$1'0(/ 3KLOR¶V 3ODFH LQ -XGDLVP $ 6WXG\ RI &RQFHSWLRQV RI $EUDKDP LQ -HZLVK/LWHUDWXUH&LQFLQQDWL'DVEHGHXWHWDEHUQLFKWGDVV3KLORGLH7RUDRE VHUYDQ] LP SKDULVlLVFKHQ 6LQQH EHWRQW KDW (U JHVWHKW VHOEVW ]X GDVV HV QRFK HWZDV *UXQGOHJHQGHUHV DOV GDV *HVHW] DQ VLFK JLEW )U 3KLOR HLQHQ KHOOHQLVLHUWHQ -XGHQ ZDU HLQ /HEHQ LQ 7XJHQG XQG )U|PPLJNHLW ZLFKWLJHU DOV GLH UDEELQLVFKH )HVVHOXQJ DQ GDV JHVFKULHEHQH *HVHW] YJO DD2   6 DXFK $ 0h+/,1* %OLFNW DXI $EUDKDP ±   675$&.% ,//(5%(&.,,,   ,QGLHVHU+LQVLFKWLVWGHU$QVDW]YRQ(36DQGHUVHUZlKQHQVZHUWGDVVGLH6RWH ULRORJLH GHV GDPDOLJHQ -XGHQWXPV QLFKW VR DQWLWKHWLVFK ]XU SDXOLQLVFKHQ 6WHOOXQJ JHZH VHQ VHL ZLH GLH 5HIRUPDWRUHQ GDFKWHQ YJO ( 3 6$1'(56 33- ±  8QDEKlQJLJ GDYRQLQZLHIHUQVHLQHJHVDPWH7KHVH]XWUHIIHQGLVWVHW]WVLFKPHLQH%HREDFKWXQJGXUFK GDVV GLH SDXOLQLVFKH $QWLWKHVH ]ZLVFKHQ *HVHW] XQG *ODXEHQ GHP -XGHQWXP VHLQHU]HLW XQYHUWUDXWZDU6DQGHUVZLOODXI]HLJHQGDVVGHU(LQWULWWLQGHQ%XQGGXUFK*QDGHSULQ]L SLHOOGHUSDXOLQLVFKHQ 5HFKWIHUWLJXQJ GXUFK *ODXEHQ HQWVSULFKW LQGHP HUGLH 5HOLJLRQV VWUXNWXUHQ ªSDWWHUQV©  YHUJOHLFKW 'HP]XIROJH LVW HV ZHGHU P|JOLFK QRFK EHDEVLFKWLJW DOOH8QWHUVFKLHGH]ZLVFKHQ GHQEHLGHQ5HOLJLRQHQ]XKDUPRQLVLHUHQZLH6DQGHUVVHOEVW



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

:DUXPHUZlKQW3DXOXVGDQQGDV$EUDKDPPRWLYLQVHLQHQ%ULHIHQ"(VJLEW ]ZHL 0|JOLFKNHLWHQ L  3DXOXV N|QQWH VHOEVW LQ VHLQHP 3URWRNHU\JPD GDV $EUDKDPPRWLYDOVVRWHULRORJLVFKHV6FKHPDYHUNQGLJWKDEHQ8QWHUGLHVHU $QQDKPH UHNXUULHUW GHU $SRVWHO GDQQ LP *DODWHUEULHI DXI VHLQHQ (YDQ JHOLXPVLQKDOW XP GLH YHUZLUUWHQ *DODWHU ]XUHFKW]XZHLVHQ LL  'DV $EUDKDPPRWLYNDQQ DXI GLH *HJQHU]XUFNJHKHQ6LH ZROOWHQGLH *DODWHU DQKDQGGHV3DUDGLJPDV$EUDKDPVMXGDLVLHUHQ(LQH$QWZRUWDXIGLHVH)UD JH NDQQ QLFKW GHILQLWLY JHJHEHQ VRQGHUQ QXU YHUPXWHW ZHUGHQ 'HQQ GHU *DODWHUEULHI H[SOL]LHUW NDXP ZLH GDV $EUDKDPPRWLY LQ GLH 'LVNXVVLRQ HLQJHEUDFKW ZRUGHQ LVW 2EZRKO DXFK GLH 0HLQXQJ EHJHJQHW GDVV GDV $EUDKDPPRWLY LQ GHU JHJQHULVFKHQ /HKUH NHLQH (UZlKQXQJ JHIXQGHQ VRQGHUQEHUHLWVYRU3DXOXVH[LVWLHUWKDEHOlVVWVLFKGHU7H[WGHV*DODWHU EULHIHVGHQQRFKXQWHUGHU$QQDKPHLL UHLEXQJVORVGHXWHQ'LHSDXOLQLVFKH (UZlKQXQJ $EUDKDPV ZDU HKHU GDV *HJHQDUJXPHQW JHJHQ GDV ªDQGHUH© (YDQJHOLXP GDV GLH *HJQHU ZRKO PLW GHP %HLVSLHO $EUDKDPV DXIJHVWHOOW KDWWHQ  'D]XVLQGIROJHQGH%HPHUNXQJHQDXIVFKOXVVUHLFK'DV$EUDKDPPRWLY GUIWHLQGHUJHJQHULVFKHQ/HKUH]HQWUDOJHZHVHQVHLQZHQQGLHVHGLH*D ODWHU RIIHQEDU]XU %HVFKQHLGXQJ DXIJHIRUGHUWKDW YJO *DO I  'LH %HVFKQHLGXQJ LVW QlPOLFK IU $EUDKDPV =XZHQGXQJ ]X *RWW NHQQ ]HLFKQHQG XQG PXVV LP *HIROJH YRQ $EUDKDP YRQ DOOHQ ,VUDHOLWHQ DXV QDKPVORV SUDNWL]LHUW ZHUGHQ YJO -RV$QW ± 3KLOR VSHF , ±

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG PHLQWGDVVGLHSDXOLQLVFKH5HOLJLRQVVWUXNWXUQLFKWDOV¾%XQGHVQRPLVPXV½DXI]XIDVVHQVHL DD2 =XUHLQJHKHQGHQ:UGLJXQJGHU1HZ3HUVSHFWLYHV†   : .2(33 'LH $EUDKDP0LGUDVFKLPNHWWH GHV *DODWHUEULHIHV DOV GDV YRUSDXOLQL VFKH KHLGHQFKULVWOLFKH 8UWKHRORJXPHQRQ :=5   *6    ± PHLQW GDVV GDV $EUDKDPPRWLY XQWHU +HLGHQFKULVWHQ EHUHLWV HLQ YRUSDXOLQLVFKHV ¾8UWKHRORJXPHQRQ½ JHZHVHQ VHL +LHUIU SRVWXOLHUW HU LQ *DO ± VRJ $EUDKDPPLGUDVFKLP GLH VLFK DQJHE OLFKYRP.RQWH[WDEKHEHQI 'DUDXV]LHKWHUVHLQH)ROJHUXQJª'LHKLQWHUGHP*DO DXIVFKHLQHQGHlOWHUH0LGUDVFKLPVFKLFKWN|QQWHDOVRDPHUVWHQXQGEHVWHQHLQIUKDQWLR FKHQLVFKHV *XW VHLQ HLQH VFK|Q JHVFKORVVHQH IUKDQWLRFKHQLVFKH DQWLMGLVFKH 0LGUDVFKLPNHWWH ¾-XGHQ XQG +HLGHQ XQG GHU HFKWH $EUDKDPVVDPHQ½©   ,Q VHLQHU 7KHVHIHKOWDEHUGLH%HJUQGXQJZLHGHUZRKOMGLVFKVWH0LGUDVFKXQWHU+HLGHQFKULVWHQ ]X LKUHP *ODXEHQVDQVDW] JHZRUGHQ LVW 'D]X ]HLJW .RHSS NHLQHQ MGLVFKHQ ± QRFK YLHO ZHQLJHU KHLGQLVFKHQ ± %HOHJ DXI VRQGHUQ HU ZLOO DXI GHU XQZDKUVFKHLQOLFKHQ ± ZHQQ QLFKWZLOONUOLFKHQ±$QQDKPHEHVWHKHQGDVVGLH0LGUDVFKLPLQLKUHU8UIRUPGDVlOWHVWH 'RNXPHQWJHZHVHQZlUHQ   6R.-.86&+(/6WUHLWXP$EUDKDP:DV-XGHQ&KULVWHQXQG0XVOLPHWUHQQW± XQGZDVVLHHLQW0QFKHQ=ULFK( ':% 85721$&ULWLFDODQG([HJHWL FDO &RPPHQWDU\ RQ WKH (SLVWOH WR WKH *DODWLDQV ,&& (GLQEXUJK  UHSU  I± + +h%1(5 *HVHW]  8 /8= 'DV *HVFKLFKWVYHUVWlQGQLV GHV 3DXOXV %(Y7K0QFKHQ08661(5*DO$QP

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



3KLORPLJU-XE6LU*HQ /DXW&'IYHU SIOLFKWHWVLFKMHGHU]XU7RUDREVHUYDQ]GHUVLFKZLH$EUDKDPEHVFKQHLGHQ OlVVW ,Q GLHVHU 9RUVWHOOXQJ VSLHOWH *HQ  HLQH EHGHXWHQGH 5ROOH ZR GLH %H]LHKXQJ ]ZLVFKHQ GHU %HVFKQHLGXQJ XQG GHP %XQG KHUYRUWULWW (V LVW NHLQ =XIDOO GDVV $EUDKDP ]XP 9RUELOG GHU 3URVHO\WHQ ZXUGH GD HU DOV 1LFKWLVUDHOLW]XP9DWHUGHV*RWWHVYRONHVZXUGH'DVKHUN|PPOLFKH$EUD KDPELOG SDVVW DOVR PLW GHP SDXOLQLVFKHQ 3URWRNHU\JPD QLFKW JXW ]XVDP PHQ LQ ZHOFKHP 3DXOXV VHLQHQ KHLGQLVFKHQ $GUHVVDWHQ NHLQH %HVFKQHL GXQJ±XQGDXFKNHLQHDQGHUHQ*HERWH±DXIHUOHJWH$EUDKDPZDUGRFKHLQ 9RUELOGGHVYROONRPPHQHQ*HKRUVDPVJHJHQEHUGHQ*HERWHQVR :D UXP PDFKW 3DXOXV QLFKW GDUDXI DXIPHUNVDP GDVV HU VLFK PLW GHP $EUDKDPPRWLY LP 3URWRNHU\JPD EHIDVVWH" (U PVVWH VHLQH (UZlKQXQJ SUl]LVLHUHQ GDPLW VHLQ $EUDKDPPRWLY QLFKW PLVVEUDXFKW ZUGH 1LUJHQGV VDJW3DXOXVDEHUHWZD¾=XYRUKDEHLFKHXFK$EUDKDPQLFKWDOV9RUELOGGHU %HVFKQHLGXQJVRQGHUQGHV*ODXEHQVJHJHEHQ½ 'DUEHUKLQDXVKDEHQZLU]XEHDFKWHQGDVVHVLQGHUJDODWLVFKHQ$XV HLQDQGHUVHW]XQJ QRFK XP GLH $EUDKDPVVRKQVFKDIW JHKW GLH GXUFKDXV M GLVFKJHSUlJWLVW*DO 6LHJDOWDOV6\QRQ\PIUª-XGHQ©ZLH3DX OXVVHOEVWVLHLQ.RUDOV%H]HLFKQXQJIU¾-XGHQ½EHQXW]W$EHUGLH 6RKQVFKDIW KHLGQLVFKHU 3URVHO\WHQ ZDU ZHJHQ LKUHU IHKOHQGHQ OHLEOLFKHQ $EVWDPPXQJ YRQ $EUDKDP VRJDU GXUFK %HNHKUXQJ ]XP -XGHQWXP QLFKW LPPHU ]X HUZHUEHQ ,VW GLHVH MGLVFKH ([NOXVLYLWlW PLW GHU EHVFKQHL GXQJVORVHQ %HNHKUXQJ YHUHLQEDU GLH 3DXOXV XQWHU +HLGHQ YHUNQGLJWH" )UGLHSDXOLQLVFKH9HUNQGLJXQJLVWGLH%HIUHLXQJYRQGHU%HVFKQHLGXQJ EHUHLWV YRU GHP JDODWLVFKHQ .RQIOLNW NHQQ]HLFKQHQG V X †   :HQQ GDVSDXOLQLVFKH3URWRNHU\JPDDQVDW]ZHLVH+HLGHQDOV=XK|UHUDQQDKPVR GLHQWHZRKO¾GLH6RKQVFKDIW$EUDKDPV½NDXP]XU%H]HLFKQXQJGHV+HLOV ]XVWDQGHVZHQQJOHLFKGHU7LWHOIUXQVVFKRQFKULVWOLFKNOLQJW'DIUGUI WH ¾GLH 6RKQVFKDIW *RWWHV½ HLQH JUXQGOHJHQGH 5ROOH JHVSLHOW KDEHQ YJO GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO ]X UDEELQLVFKHQ(UZlKQXQJHQ EHU $EUDKDP XQG VHLQH%HVFKQHLGXQJ 5 $ +$55,69,//(7KH)LJXUHRI$EUDKDPLQWKH(SLVWOHRI6W3DXO,QWKH)RRWVWHSVRI$E UDKDP6DQ)UDQFLVFRI   675$&.% ,//(5%(&. ,,,  6 6$1'0(/ 3KLOR¶V 3ODFH LQ -XGDLVP  9JO QRFK0DNN3V6DO7HVW/HY0DNN   675$&.% ,//(5%(&.,±EHVI:LHVLFKQDFK$SJ]HLJWVLQG-X GHQXQG3URVH\SWHQȧȨʙȪșȤȬȫʙȢ LPPHUQRFK]XXQWHUVFKHLGHQ9JO%: $1'(5*RW WHVIUFKWLJHXQG6\PSDWKLVDQWHQ6WXGLHQ]XPKHLGQLVFKHQ8PIHOGYRQ'LDVSRUDV\QDJR JHQ:8177ELQJHQI   9JO/+6&+,))0$17KH&RQYHUVLRQRIWKH5R\DO+RXVH$ELDEHQHLQ-RVHSKXV DQG5DEELQLF6RXUFHVLQ-RVHSKXV-XGDLVPDQG&KULVWLDQLW\HGE\/+)HOGPDQ & +DWD /HLGHQIªLWLVSRVVLEOHWRSURYHWKDWFLUFXPFLVLRQZDVXQTXHVWLRQDEO\ D UHTXLUHPHQW IRU FRQYHUVLRQ DPRQJ DOO VHJPHQWV RI WKH -HZLVK FRPPXQLW\© =LWDW YRQ  



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

†  GHQQ GLH %H]HLFKQXQJ ILQGHW LP *DODWHUEULHI HLQH HUVFK|SIHQGH (U|UWHUXQJ *DO ± ±  'HPJHJHQEHU ZLUG GLH $EUDKDPV VRKQVFKDIW LQVRIHUQ DQGHXWHQG DXIJHQRPPHQ DOV VLH PLW GHP *ODXEHQ YHUEXQGHQZLUG*DOVDXVIKUOLFKHU† :HQQGLH*HJQHU PLW LKUHU $XIIRUGHUXQJ GLH $EUDKDPVVRKQVFKDIW LQ $XVVLFKW VWHOOWHQ VR PHLQW 3DXOXV RIIHQVLFKWOLFK PLW VHLQHP $UJXPHQW LQ *DO  ¾$XFK GLH 6RKQVFKDIW $EUDKDPV YRQ GHU GLH *DODWHU VLFK DQJH]RJHQ IKOWHQ NDQQ QXUGXUFK*ODXEHQHUUHLFKWZHUGHQ½9 (VLVWSODXVLEHOGDVVGLH*HJ QHUGLH$EUDKDPVVRKQVFKDIWDOV%HUHFKWLJXQJ]XU(LQUHLKXQJLQGLH+HLOV JHVFKLFKWH*RWWHVYRUJHVWHOOWKDEHQ:LHGDV)HVWKDOWHQGHU-XGHQDQ$E UDKDP LP 1HXHQ 7HVWDPHQW ]HLJW YJO 0W  /N   -RK  .RU%DUQ KDWGDV$EUDKDPELOGXQWHUGHQHUVWHQ&KULVWHQLP PHU QRFK HLQH JUXQGOHJHQGH 5ROOH JHVSLHOW ± EHVRQGHUV LQ MXGHQFKULVWOL FKHQ.UHLVHQ$EHU3DXOXVEWVFKDUIH.ULWLNDQGHU$EUDKDPVVRKQVFKDIW LQGHPHUGLH6|KQH,VDDNVXQG,VPDHOVXQWHUVFKHLGHW*DO± 'LH VWRO]HQ6|KQH$EUDKDPVZUGHQVLFKQXUDOVGLHMHQLJHQGHU0DJGKHUDXV VWHOOHQZHQQVLHGDVSDXOLQLVFKH(YDQJHOLXPGHU)UHLKHLWQLFKWDQQHKPHQ $XV GHU )OOH GHU %HREDFKWXQJHQ HUJLEW VLFK GHU 6FKOXVV 'DV $EUDKDP PRWLYZDUZRKONHLQHHLJHQH.RQ]HSWLRQGHV3DXOXVVRQGHUQHUGUIWHHV DOV*HJHQEHLVSLHODXVGHUJHJQHULVFKHQ/HKUHDXIJHQRPPHQKDEHQXPGLH *DODWHUHIIHNWLY]XEHUUHGHQ  .RPPHQ ZLU DXI XQVHUH )UDJHVWHOOXQJ ]XUFN VR N|QQHQ ZLU IHVWKDOWHQ 6WHKHQ*HQXQG+DEXUVSUQJOLFKLQNHLQHUWUDGLWLRQVJHVFKLFKWOL FKHQ%H]LHKXQJVRLVWGLH%HJHJQXQJEHLGHU6WHOOHQDOV%HJUQGXQJGHU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $Q GLHVHU 6WHOOH YHUGLHQW GDV ȃȢȦȳȪȣȟȫȟ YRQ 9  XQVHUH $XIPHUNVDPNHLW 'HQ ,PSHUDWLY EHIUZRUWHQ GLH PHLVWHQ ([HJHWHQ ZLH 08661(5 *DO  %(7= *DO  % 85721*DO6&+/,(5*DO,P*HJHQVDW]GD]XYHUWUHWHQDQGHUHHLQLQGLNDWL YLVFKHV 9HUVWlQGQLV 5 1 /21*(1(&.(5 *DODWLDQV :%&  'DOODV   +- (&.67(,19HUKHL‰XQJ%HLGH'HXWXQJHQVLQGJUDPPDWLVFK P|JOLFK-HGRFKKDEHQ VLHNHLQHQ(LQIOXVVDXIPHLQH7KHVHGDVV3DXOXVGDV$EUDKDPPRWLYLQVHLQHP3URWRNH U\JPDQLFKWYHUNQGLJWH'HQQHUZLOOHQWZHGHUDXVGHUª$QUHFKQXQJGHV*ODXEHQV]XU *HUHFKWLJNHLWEHL$EUDKDP©9 ªVHLQH6RKQVFKDIW©9 DEOHLWHQYJOɏȨțLQGLND WLYLVFKH'HXWXQJ RGHULQGHQ*DODWHUQMHW]WGLHQHXH(UNHQQWQLVGHU$EUDKDPVVRKQVFKDIW HUZHFNHQ XP GDUDXV GLH JHVHW]HVNULWLVFKH $XIIDVVXQJ ZHLWHU YRU]XWUDJHQ LPSHUDWLYL VFKH'HXWXQJ ,FKWHQGLHUH]XPLPSHUDWLYLVFKHQ9HUVWlQGQLV   $EHU JHJHQ * : +$16(1 $EUDKDP  GHU YHUPXWHW GDVV *HQ  YRQ GHQ *HJQHUQ EHQXW]W ZRUGHQ VHL 'HU 9HUV VWW]W GLH JHJQHULVFKH 3RVLWLRQ QLFKW ]XPDO HU ZHGHU YRQ GHU %HVFKQHLGXQJ QRFK YRQ GHU 7RUDREVHUYDQ] VSULFKW 'DV ZDU GLH SDXOLQL VFKH:LGHUOHJXQJGHUJHJQHULVFKHQ/HKUHGLHDXIGHU%HVFKQHLGXQJDOVGHP6LHJHOGHU %XQGVFKOLH‰XQJLQ*HQEHUXKW   *HJHQ$9'2%%(/(5*ODXEHDOV7HLOKDEH+LVWRULVFKHXQGVHPDQWLVFKH*UXQG ODJHQ GHU SDXOLQLVFKHQ 7KHRORJLH XQG (NNOHVLRORJLH GHV *ODXEHQV :817  7ELQ JHQ   GHU GLH 0|JOLFKNHLW ]XU DOWWHVWDPHQWOLFKEHUOLHIHUXQJVJHVFKLFKWOLFKHQ

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



5HFKWIHUWLJXQJVOHKUHLPJHVHW]HVSROHPLVFKHQ.RQWH[WDXIIDOOHQG'HQQVLH KDEHQEHLGHLP*UXQGHPLWGHU7RUDREVHUYDQ]QLFKWV]XWXQDEHU+DE XQWHUVWW]W EHL 3DXOXV GLH $QUHFKQXQJ GHV *ODXEHQV ]XU *HUHFKWLJNHLW LQ *DO ± 'DUEHU KLQDXV LVW GDV $EUDKDPPRWLY LQ GHU 1LFKWDQUHFK QXQJVWKHRORJLH DOV GDVSDXOLQLVFKH *HJHQDUJXPHQW]XEHJUHLIHQGHP VHL QHHLJHQH$EUDKDPLQWHUSUHWDWLRQ]XJUXQGHOLHJW6RPLWN|QQHQZLUDQQHK PHQGDVVGLH$QUHFKQXQJGHV*ODXEHQV]XU*HUHFKWLJNHLWGHUWKHRORJLVFKH $QVDW] GHV 3DXOXV ZDU XQG GLHVHU $QVDW] ZXUGH YRQ LKP DXI GHQ JHVHW ]HVSROHPLVFKHQ.RQWH[WDQJHZDQGW  

'LH1LFKWDQUHFKQXQJVWKHRORJLHLQQHUKDOEGHU*HVHW]HVSROHPLN

 'LH*HVHW]HVSUREOHPDWLNXQGGLH7UHQQXQJ  YRQ-XGHQWXPXQG&KULVWHQWXP

,VW GLH 1LFKWDQUHFKQXQJVWKHRORJLH HLQ VRWHULRORJLVFKHU $XVGUXFN GHV SDX OLQLVFKHQ*HVHW]HVYHUVWlQGQLVVHVVR VRVWHOOWVLFKGLH)UDJHREGLHYRQ 3DXOXVYRUJHWUDJHQH*HVHW]HVSROHPLNRbHLQH5ROOHLQGHU7UHQQXQJGHV &KULVWHQWXPV YRP -XGHQWXP JHVSLHOW KDW 'HQQ PLW GLHVHU hEHUOHJXQJ N|QQHQZLUGDVSDXOLQLVFKH*HVHW]HVYHUVWlQGQLVLPXUFKULVWOLFKHQ%LOGIHOG YHURUWHQ 6ROOWH 3DXOXV HV PLW DQGHUHQ 8UFKULVWHQ WHLOHQ VR N|QQWH QLFKW GHILQLWLY JHOWHQG JHPDFKW ZHUGHQ GDVV GLH SDXOLQLVFKH *HVHW]HVSROHPLN DXIGHQ$SRVWHO]XUFNJHKW'LH)UDJHGHV*HVHW]HVZDUEHNDQQWOLFKHLQHU GHU )DNWRUHQ GLH DXI GHQ 7UHQQXQJVSUR]HVV (LQIOXVV DXVJHEW KDEHQ 6HOEVW ZHQQ VLH DEHU GHP &KULVWHQWXP HLQHQ :HJ ]XU VHOEVWlQGLJHQ 5HOL JLRQEDKQWHVWHKWHVQRFKQLFKWIHVWREGDV&KULVWHQWXPGLH*HVHW]HVSURE OHPDWLN NRQVHTXHQW LP SDXOLQLVFKHQ 6LQQH ZDKUJHQRPPHQ XQG GDGXUFK YRP-XGHQWXP$EVFKLHGJHQRPPHQKDW:DUGLH$XVHLQDQGHUVHW]XQJEHU GDV *HVHW] GHU ]HQWUDOH *UXQG GDIU" )UHLOLFK GUIWH VSlWHU GDV (FKR GHU SDXOLQLVFKHQ *HVHW]HVSROHPLN GHU 7UHQQXQJ 9RUVFKXE JHOHLVWHW KDEHQ $EHUVRJDU+$5(GHUGDV*HVHW]DOVHLQHQ+DXSWIDNWRUGHV.RQIOLNWHVEHL GHU 5HOLJLRQHQ DQVLHKW QHQQW GLH *HVHW]HVSROHPLN QXU DOV HLQHV GHU %HL VSLHOH GLH GLH =HQWUDOV\PEROH GHU MGLVFKHQ 6ROLGDULWlW EHGURKWHQ 'D]X GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG 9HUELQGXQJ EHLGHU 6WHOOHQ DXIZLUIW 6HLQH +\SRWKHVH LVW DEHU QXU GDQQ JHUHFKWIHUWLJW ZHQQ+DEGHXWOLFKIUGLH$QUHFKQXQJGHV*ODXEHQV]XU*HUHFKWLJNHLWVSUlFKH:lK UHQG]XPLQGHVW*HQ/;;]ZHLIHOORVGLHVHQ%HJULII±REZRKOQLFKWLPSDXOLQLVFKHQ 6LQQH±HQWKlOWOLHJW+DEP(GLHVHU*HGDQNHIHUQ   6R ' 5 $ +$5( 7KH 7KHPH RI -HZLVK 3HUVHFXWLRQ RI &KULVWLDQV LQ WKH *RVSHO DFFRUGLQJ WR 6W 0DWWKHZ 066176  &DPEULGJH   'DQHEHQ QHQQW HU QRFK GUHL DQGHUH*UQGHQlPOLFKGLH$EOHKQXQJGHVMGLVFKHQ1DWLRQDOLVPXVGLH6WHOOXQJQDKPH GHU&KULVWHQJHJHQEHU+HLGHQXQGGLHhEHUQDKPHGHUOHLWHQGHQUHOLJL|VHQ5ROOHDD2 ± 



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

JHK|UHDX‰HUGHPGLH.ULWLNDP7HPSHOXQGDQGHUKHLOLJHQ6WDGWGLH]X VDPPHQPLWGHP*HVHW]GLH,GHQWLWlWGHUGDPDOLJHQ-XGHQELOGHWHQ:LH% :$1'(5 JXW KHUDXVDUEHLWHW JDE HV PDQQLJIDOWLJH )DNWRUHQ GLH ]XU 7UHQ QXQJ IKUWHQ GLH $EOHKQXQJ GHV .XOWHV XQG GHV *HVHW]HV GLH *RWWHV VRKQVFKDIW0HVVLDQLWlW-HVXGLH+HLGHQPLVVLRQHWF  'DVV GLH *HVHW]HVNULWLN QLFKW GLH DOOHLQLJH 8UVDFKH IU GLH 7UHQQXQJ GHV&KULVWHQWXPVYRP-XGHQWXPZDUVWHOOWVLFKDXFKLQGHU6WHLQLJXQJGHV 6WHSKDQXV QDFK GHP OXNDQLVFKHQ %HULFKW KHUDXV 'HU 'LDNRQ ZLUG YRQ -XGHQ ZHJHQ ]ZHLHU %HVFKXOGLJXQJHQ JHVWHLQLJW QlPOLFK ZHJHQ VHLQHU 7HPSHOXQGVHLQHU*HVHW]HVNULWLN'DEHLJHKWHVQLFKWXPGLH9HUQHLQXQJ GHV *HVHW]HV VHOEVW VRQGHUQ OHGLJOLFK XP GLH DQJHEOLFKH 9HUlQGHUXQJ ɳȤȤȗȪȪȯ   XQG XP VHLQHQ 9RUZXUI JHJHQ GLH 1LFKWHLQKDOWXQJ GHV *HVHW]HV GXUFK GLH -XGHQ ʙɿ ʞȬȤȗȪȪȯ   6WHSKDQXV VWHOOW KLHU NHL QHVZHJV GDV *HVHW] DQ VLFK LQ )UDJH VRQGHUQ HU ZLUIW LP *HJHQWHLO YRU GDVVGLH-XGHQGDV*HVHW]QLFKWULFKWLJEHIROJHQ,QGHU$QVFKXOGLJXQJGHV 6WHSKDQXV VFKHLQW DOVRGLH 7HPSHONULWLN ± ZHQQ HV KLHU XP HLQH.ULWLNDQ MGLVFKHQ 6\PEROHQ DQ VLFK JHKW ± HLQH JU|‰HUH 5ROOH JHVSLHOW ]X KDEHQ YJO ±  'LH 7HPSHONULWLN KDW ZRKO HLQH JUXQGOHJHQGHUH 6SDQQXQJ YHUXUVDFKWVRZHLWVLFKGLH3RVLWLRQDXIGHQKLVWRULVFKHQ-HVXV]XUFNIK UHQ OlVVW ZlKUHQG -HVXV GDV *HVHW] DQVFKHLQHQG QLFKW YHUQHLQW KDW %H DFKWHQVZHUW LVW GLH SDXOLQLVFKH $XVVDJH LQ .RU  LQ GHU GLH MGLVFKH )HLQGVHOLJNHLW DQGHUV DOVLP *DODWHUEULHIEHJUQGHW ZLUG $Q GLHVHU 6WHOOH ]HLJW VLFK QlPOLFK GDVV -XGHQ GLH .UHX]LJXQJ DOV bUJHUQLV DXIQHKPHQ ZHLO VLH NHLQ =HLFKHQ GHU 0HVVLDQLWlW VHLQ NDQQ 'DV KHL‰W 3DXOXV VHOEVW PDFKWNHQQWOLFKGDVVHVQHEHQGHU*HVHW]HVSUREOHPDWLNDXFKHLQHQDQGH UHQ )DNWRU JLEW GHU GHQ .RQIOLNW PLW GHQ -XGHQ YHUXUVDFKW GLH 7RGHVDUW -HVXGLHVHLQH0HVVLDQLWlWDGDEVXUGXPIKUW6RPLWN|QQHQZLUQLFKWYRQ HLQHP*UXQGIUGLH7UHQQXQJGHV&KULVWHQWXPVYRP-XGHQWXPDXVJHKHQ VLHZDUYLHOPHKUHLQ3KlQRPHQKLQWHUGHPYLHOIlOWLJH)DNWRUHQVWHFNWHQ $QGHUVDOVEULJH)DNWRUHQZLHGLH.ULWLNDQ7HPSHO.XOWXQGH[NOX VLYHP3ULYLOHJ GHU-XGHQ LVW GLH *HVHW]HVSUREOHPDWLN DQVLFK NHLQ DNWLYHU $QJULIIJHJHQGDV-XGHQWXPVRQGHUQVLHHQWVWHKWDXVGHU%HNHKUXQJVVLWXD WLRQGHU+HLGHQ'LHVHIKUWH]X]ZHL)UDJHQQlPOLFKREGDV(YDQJHOLXP EHUKDXSW DQ +HLGHQ YHUNQGLJW ZHUGHQ GDUI XQG RE GLH 7RUDREVHUYDQ] QDFK LKUHU %HNHKUXQJ DXI]XHUOHJHQ ZDU YJO $SJ   I  GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   %: $1'(57UHQQXQJVSUR]HVVH]ZLVFKHQ)UKHP&KULVWHQWXPXQG-XGHQWXPLP -DKUKXQGHUWQ&KU'DWLHUEDUH$EIROJHQ]ZLVFKHQGHU+LQULFKWXQJ-HVXXQGGHU=HUVW| UXQJGHV-HUXVDOHPHU7HPSHOV7$1=7ELQJHQ%DVHOI   9JO&+',(7=)(/%,1*(5'LH%HUXIXQJGHV3DXOXVDOV8UVSUXQJVHLQHU7KHRORJLH :0$17  1HXNLUFKHQ9OX\Q   GHU HLQH JUXQGVlW]OLFKH 'LVWDQ] JHJHQEHU GHP*HVHW]LQGHU6WHSKDQXVJUXSSHDQQLPPW   9JO*7+(,66(1$0(5='HUKLVWRULVFKH-HVXVI

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



)UHLOLFK ZDUHQ GLHV ZRKO KHIWLJ XPNlPSIWH 7KHPHQ ]ZLVFKHQ GHQ MXGHQ XQG KHLGHQFKULVWOLFKHQ *UXSSHQ DEHU VLH HUKLHOWHQ NHLQHQ |IIHQWOLFKHQ &KDUDNWHU ELV ]X GHQ (QWVFKHLGXQJHQ YRQ -HUXVDOHP $SJ    'HQ QRFKVROOWHKLHU]XDQJHPHUNWZHUGHQGDVVHVDXFKQDFKGLHVHP(QWVFKOXVV YHUVFKLHGHQH 6WHOOXQJQDKPHQ LP +LQEOLFN DXI GDV *HVHW] JDE 'LG  OHKUWLP*HJHQVDW]]XU8QWHUZHLVXQJGHV3DXOXVLQ.RU&KULVWHQVROO WHQP|JOLFKVWGDV*HVHW]±KLHU]%GLH6SHLVHJHERWH±HLQKDOWHQXQGVLFK YRP*|W]HQRSIHUIOHLVFKJDQ]IHUQKDOWHQ'LH-XGHQFKULVWHQKDEHQDQVFKHL QHQG GHU SDXOLQLVFKHQ 5HODWLYLHUXQJ GHV *HVHW]HV QLFKW VR YRUEHKDOWORV EHLSIOLFKWHQN|QQHQYJO-DN3V&OHP5± 'LH)UDJHGHV*H VHW]HVZDUDOVRQDFKZLHYRUQLFKWIHVWJHOHJW  +DW GDQQ 'WQ  ZLH EHL 3DXOXV  XQWHU GHQ HUVWHQ &KULVWHQ HLQH HQWVFKHLGHQGH 5ROOH LP QHJDWLYHQ *HVHW]HVELOG JHVSLHOW" 'LH 6WHOOH PLW GHU3DXOXVEHJUQGHWGDVV&KULVWXVGHP*HVHW]JHJHQEHUVWHKH*DO  ZXUGHZRKOYRQ-XGHQQLFKWDOOJHPHLQDQHUNDQQWZHQQ-RVHSKXVGLH YRQ $OH[DQGHU -DQQDL JHNUHX]LJWHQ 3KDULVlHU QLFKW DOV YRQ *RWW YHUIOXFKW HUZlKQW -RV$QW   :HQQJOHLFK HLQLJH FKULVWOLFKH $XWRUHQ 'WQ WHLOZHLVHUHIOHNWLHUHQ$SJ3HWU%DUQ 7HUW,XG  OHJHQ VLHDXVVFKOLH‰OLFK GDUDXI:HUW GDVV GHU 7RG-HVX HLQ JHWUHWHQVHLZLHHULP$OWHQ7HVWDPHQWDQJHNQGLJWZRUGHQZDU6LHYHU ELQGHQNHLQHVIDOOVVHLQHQ7RGPLWGHP)OXFKGHV*HVHW]HV'DUEHUKLQDXV ILQGHWGHU9HUVLQMGLVFKHQ6FKULIWHQNHLQH(UZlKQXQJLQGHP6LQQHGDVV -HVXVGXUFKVHLQHQ7RGDP+RO]GHQ)OXFKGHV*HVHW]HVHUOLWWHQKDEHYJO 6DQK  72 'WQ  S4LG  06KHP  -RK   'DGXUFK NRPPHQ ZLU ]X GHU )ROJHUXQJ GDVV GDV 7RGHVYHUVWlQGQLV DOV *HVHW]HV IOXFK SDXOLQLVFK LVW 'LH UDGLNDOH *HVHW]HVSROHPLN ZDU NHLQ DOOJHPHLQHV 3KlQRPHQ LP 8UFKULVWHQWXP VRIHUQ VLH DXFK YRQ 3DXOXV VFKHLQEDU QLFKW NRQVHTXHQW YRUJHWUDJHQ ZXUGH YJO 5|P   =ZDU ZDU GLH )UDJH GHV *HVHW]HV HLQ ZLFKWLJHU)DNWRU LP .RQIOLNW]ZLVFKHQ-XGHQWXP XQG &KULV WHQWXP±XQGDXFKLQQHUKDOEGHV&KULVWHQWXPVVHOEVW±DEHUVLHZDUQLFKW GLH DOOHLQLJH 8UVDFKH :HQGHQ ZLU XQV QXQ GHU )UDJH ]X ZDQQ VLFK GHU JHVHW]HVNULWLVFKH*HGDQNHEHLGHP$SRVWHOHQWZLFNHOWH  'LHJHVHW]HVNULWLVFKH3RVLWLRQGHV3DXOXV±6HLWZDQQ" 'LH*HVHW]HVSROHPLNIDQGVLFKQLFKWQXU]ZLVFKHQ3DXOXVXQGVHLQHQ*HJ QHUQ RGHU ]ZLVFKHQ &KULVWHQWXP XQG -XGHQWXP 6LH LVW QRFK KHXWH XQWHU 1HXWHVWDPHQWOHUQ OHEHQGLJ GLH VLFK PLW GHP SDXOLQLVFKHQ *HVHW]HVYHU VWlQGQLVEHVFKlIWLJHQ(VJLEWQlPOLFKHLQLJHZHOFKHGLHJHVHW]HVNULWLVFKH 3RVLWLRQ GHV 3DXOXV DOV (UJHEQLV GHV .RQIOLNWHV PLW -XGDLVWHQ YHUVWHKHQ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   .+$$&.(53DXOXV'HU:HUGHJDQJHLQHV$SRVWHOV6%66WXWWJDUW %: $1'(57UHQQXQJVSUR]HVVH



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

ZROOHQ ZlKUHQG DQGHUH GDYRQ DXVJHKHQ GDVV GLHVH $XIIDVVXQJ DXI GLH IUKH 3KDVH ± JHQDXHU DXI GDV 'DPDVNXVHUOHEQLV ± ]XUFNJHKW :HUIHQ ZLU HLQHQ %OLFN DXI GLH$XVVDJHQ GHV3DXOXVGDVVHUZHJHQVHLQHV(LIHUV &KULVWHQYHUIROJWKDEH*DO3KLO VRVWR‰HQZLUDXIPHKUHUH)UD JHQL *DOWGHU(LIHUGHP*HVHW]"LL :HQQMDZLHLVW3DXOXVGDQQ]XGHU (UNHQQWQLVJHNRPPHQGDVVGDV*HVHW]QDFKGHP&KULVWXVHUHLJQLVLQY|O OLJQHXHP/LFKW]XVHKHQLVW":RUDXILVWGLHVHU:HQGHSXQNWGHU(UNHQQWQLV ]XUFN]XIKUHQ" LLL  +DW 'WQ  EHUHLWV EHL GHU (QWVWHKXQJ VHLQHV JH VHW]HVNULWLVFKHQ*HGDQNHQVDOVOHLWHQGHV0RWLYJHGLHQW*DO "  $GL 3DXOXVVWHOOWVLFKLQ3KLODOV3KDULVlHUYRU)UHLOLFKLVWHUKLHUYRQ GHP%HPKHQJHOHLWHWYRQVHLQHPIUKHUHQ3KDULVlHUWXPKHUVHLQH*HVHW ]HVNULWLN]XOHJLWLPLHUHQGRFKVFKHLQWHV]XPLQGHVWQLFKWEHVWUHLWEDUGDVV HU DXIJUXQG GHV (LIHUV XP GDV *HVHW] ]XP 9HUIROJHU GHU &KULVWHQ JHZRU GHQZDU,QVHLQHU0RQRJUDSKLHª=HORWHQ©KDW0+(1*(/HUIROJUHLFKDXI JH]HLJW GDVV GHU ¾(LIHU½ VHLW GHU 0DNNDElHU]HLW PLW GHP *HVHW] HQJ YHU EXQGHQZDU'HU*HGDQNHKDWVLFKDQGLH3LQHKDVWUDGLWLRQDQJHVFKORVVHQ 3VI0DNN± XQGLVWYRQGHP6WUHEHQJHSUlJWGLH5HLQ KHLW GHV *RWWHVYRONHV ]X EHZDKUHQ $QNQSIHQG DQ GLHVHQ +LQWHUJUXQG YHUVWHKW-'*'811GHQYRUFKULVWOLFKHQ3DXOXVDOV(LIHUHUGHPYRUDO OHP GDUDQOLHJW GLH ,QWHJULWlW GHUMGLVFKHQ 5HOLJLRQ JHJHQEHU GHP +HO OHQLVPXV]XEHKWHQ'LH$XIQDKPHGHU+HLGHQLQGLHMGLVFKH5HOLJLRQ NRQQWH3DXOXV V(GDKHU QLFKWWROHULHUHQ XQGGDV ZXUGH]XP *UXQGVHL QHV 9HUIROJHQV +LHU]X EHWRQW '811 YRU]XJVZHLVH GHQ QDWLRQDOHQ $VSHNW GHV(LIHUVXQGVFKlW]WGLHVRWHULRORJLVFKH%HGHXWXQJGHV*HVHW]HVEHL3DX OXV JHULQJ ZRKO LQ GHU $EVLFKW GLH (QWVWHKXQJ GHU *HVHW]HVSROHPLN DXI

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   7 / '21$/'621 3DXO DQG WKH *HQWLOHV 5HPDSSLQJ WKH $SRVWOH¶V FRQYLFWLRQDO :RUOG0LQQHDSROLV-'*'811VX*675(&.(5%HIUHLXQJI -% (&.(53DXOXVIIXDP   3  678+/0$&+(5  'DV SDXOLQLVFKH (YDQJHOLXP LQ 'HUV +J  'DV (YDQJHOLXP XQG GLH (YDQJHOLHQ 9RUWUlJH YRP 7ELQJHU 6\PSRVLXP  :817  7ELQJHQ ± '(56'DV(QGHGHV*HVHW]HVLQ'HUV9HUV|KQXQJ*HVHW]XQG*HUHFK WLJNHLW&+',(7=)(/%,1*(5%HUXIXQJI±55 ,(61(5)UK]HLWII6 . ,0 2ULJLQ II 9JO DXFK * -(5(0,$6 'HU /HKUHU GHU *HUHFKWLJNHLW 6W817  *|WWLQJHQ±   6 .,0 2ULJLQ  &+ ',(7=)(/%,1*(5 %HUXIXQJ  8 : ,/&.(16 =XU (QWZLFNOXQJ GHV SDXOLQLVFKHQ *HVHW]HVYHUVWlQGQLVVHV 176     ) 928*$ *HVFKLFKWHGHVIUKHQ&KULVWHQWXPV7ELQJHQ%DVHO   0+(1*(/'LH=HORWHQ8QWHUVXFKXQJHQ]XUMGLVFKHQ)UHLKHLWVEHZHJXQJLQGHU =HLWYRQ+HURGHV,ELVQ&KU$*-8/HLGHQ ±   -'*'8117KHRORJ\± '(563DUWLQJV± '(563DXODQG-XVWL ILFDWLRQE\)DLWK

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



GLH VSlWHUH =HLW ]X GDWLHUHQ ,VW DEHU 3DXOXV¶ SKDULVlLVFKHU (LIHU VHOEVW QLFKW]X OHXJQHQVR WUDI GHU (LIHUZRKOGDV *HVHW] ZLH GLH 7HUPLQRORJLH LQGHU=HLWJHVFKLFKWHVWLFKKDOWLJ]HLJW $GLL 6RVHKUVLFKGDV*HVHW]HVYHUVWlQGQLVGHV3DXOXVGUDPDWLVFKJH ZHQGHW KDWVRVHKU KDWGLH:HQGXQJ JHZLVV HLQHEHVWLPPWH 9HUDQODVVXQJ 'LHVHGLYHUJLHUWDEHUMHQDFK)RUVFKHUXQGEHWULIIWGLH%HNHKUXQJGHV3DX OXV DXI GHP :HJ QDFK 'DPDVNXV RGHU VHLQHQ VSlWHUHQ .RQIOLNW PLW -XGDLVWHQ,VWXQVHUH3UREOHPDWLNDEHUVRVLPSHO"=XQlFKVWLVW]XEHDFKWHQ GDVV3DXOXVDXV(LIHUIUGDV*HVHW]&KULVWHQYHUIROJWH(VLVWGDQQSODXVL EHOGDVVVLFKGDV*HVHW]HVYHUVWlQGQLV]XHLQHPIUKHUHQ=HLWSXQNWHQWZL FNHOWH DOV 3DXOXV QDFK GHU %HNHKUXQJ ± VFKRQ YRU GHP DQWLRFKHQLVFKHQ .RQIOLNW±GDVEHVFKQHLGXQJVIUHLH(YDQJHOLXPYHUNQGLJWH,QGLHVHP=X VDPPHQKDQJLVWGHU+LQZHLVYRQ7+(,66(1 ]XWUHIIHQG ª'HP VF3DXOXV  PXVV GDV *HVHW] PLW VHLQHU %HNHKUXQJ YRQ $QIDQJ DQ SUREOHPDWLVFK JH ZHVHQ VHLQ© 'LH ([HJHWHQ GLH GLH *HVHW]HVSROHPLN DOV UHLQHV 3URGXNW GHV VLWXDWLRQVEHGLQJWHQ.RQIOLNWHVPLW-XGDLVWHQ YHUVWHKHQ PVVHQ HUNOl UHQ ZLH GHU HKHPDOLJH 3KDULVlHU EHL GHU PLVVLRQDULVFKHQ 7lWLJNHLW ± YRU GHP.RQIOLNW±GLH7RUDREVHUYDQ]VRJHULQJVFKlW]HQNRQQWH'HUFKULVWOL FKH 0LVVLRQDU YHUODQJWH YRQ VHLQHQ 3URVHO\WHQ NHLQH %HVFKQHLGXQJ X D YJO *DO I ± $SJ   -HGRFK ZLUG GLH $XIIDVVXQJ HEHQIDOOV DEJHOHKQW GDVV GDV DXI GHP :HJH QDFK 'DPDVNXV HQWVWDQGHQH *HVHW]HV YHUVWlQGQLVPLWGHU*HVHW]HVSROHPLNLP*DODWHUEULHILGHQWLVFKJHZHVHQVHL V X  'LH .OXIW ]ZLVFKHQ GHP 'DPDVNXVHUOHEQLV XQG GHP .RQIOLNW PLW GHQ-XGHQLVWXQDXVZHLFKOLFKZHQQGLH([HJHWHQQLFKWKLQUHLFKHQGEHDFK WHQ6RVHKUGDV*HVHW]IUGHQ9HUIROJHU]HQWUDOZDUVRVHKULVWGLH9HUNQ GLJXQJ GHV $SRVWHOV GLH NHLQH 7RUDREVHUYDQ] ZLH %HVFKQHLGXQJ IRUGHUW EHUHLWVHLQHXQYRUVWHOOEDUUDGLNDOH:HQGH'DVV3DXOXVHLQVW3KDULVlHUZDU VWW]WDOVRGLH7KHVHQLFKWGDVVGLHJHUDGHLP*DODWHUEULHIYHUWUHWHQH*H VHW]HVSROHPLN ZHJHQ LKUHU 5DGLNDOLWlW XQEHGLQJW DXI GDV 'DPDVNXV HUOHEQLV ]XUFNJHKH +LQJHJHQ LVW GDV *HVHW]HVYHUVWlQGQLV DXFK QLFKW DOV VSlWHUH3ROHPLNJHJHQ-XGDLVWHQHQWVWDQGHQ ZHQQGLHEHVFKQHLGXQJVIUHLH 9HUNQGLJXQJGHV3DXOXV]XU.HQQWQLVJHQRPPHQZLUG  (VLVWUHFKWDEZHJLJ]XEHKDXSWHQGDVVGDV*HVHW]ELV]XPJDODWLVFKHQ .RQIOLNWNHLQ6WUHLWSXQNWJHZHVHQVHL3DXOXVDEHUVFKRQGDYRURKQHMHJOL FKH5HIOH[LRQGLH7RUDREVHUYDQ]EHLVHLWHOLH‰'LHEHLGHQ7KHVHQ]XUIU KHQ XQG VSlWHQ (QWVWHKXQJ GHU SDXOLQLVFKHQ *HVHW]HVSROHPLN LUUHQ VLFK JHPHLQVDP LQ IROJHQGHP 3XQNW 6LH JHKHQ EHLGH YRQ GHU XQEHJUQGHWHQ 3UlPLVVH DXV GDVV GLH SDXOLQLVFKH *HVHW]HVSROHPLN HLQHQ HLQKHLWOLFKHQ XQG NRQVHTXHQWHQ *HGDQNHQ ELHWHW ZREHL LKU 6LQQJHKDOW YRU XQG QDFK GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   -'*'8117KHRORJ\II '(563DUWLQJVII '(563DXODQG-XVWLILFD WLRQE\)DLWKII   *7+(,66(15HOLJLRQ



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

GHP JDODWLVFKHQ .RQIOLNW QLFKW XQWHUVFKLHGHQ ZLUG $OOHUGLQJV LVW P ( VFKRQ GD HLQH *HVHW]HVSROHPLN VSUEDU ZR 3DXOXV VHLQHP 3URWRNHU\JPD ]XIROJH NHLQH 7RUDREVHUYDQ] YHUNQGLJWH REZRKO GLHVH $XIIDVVXQJ YRQ GHU.ULWLNLP*DODWHUEULHIDEZHLFKW'DVUHODWLYLHUWH*HVHW]HVELOGYRUGHP JDODWLVFKHQ .RQIOLNW ZXUGH QLFKW GXUFK HLQH QHJDWLYH (LQVWHOOXQJ JHJHQ EHU GHP *HVHW] VRQGHUQ DOOHLQ GXUFK GLH FKULVWRORJLVFKH hEHU]HXJXQJ GHV$SRVWHOVYHUDQODVVW'LHVRWHULRORJLVFKH%HGHXWXQJGHV*HVHW]HVZXU GH GXUFK GHQ *ODXEHQ DQ &KULVWXV HUVHW]W GHP 3DXOXV YRU 'DPDVNXV EH JHJQHWHYJO3KLO 'DV+HLONRPPWQLFKWPHKUDXVGHP*HVHW]VRQ GHUQ DXV GHP *ODXEHQ DQ &KULVWXV 'DV +HLODQGVELOG ZDU IU 3DXOXV VR HLQGUFNOLFKGDVV&KULVWXVGLUHNW]XP*HJHQVWDQGGHU9HUNQGLJXQJZXU GHEHVRQGHUV IU +HLGHQ ɋȦțȟɿțȝȝȟȤȚʗȯȥțȢțɿȫɅȦɴȦȫʙʃȩɐʝȦȟȪȢȦ*DO  'HU&KULVW3DXOXVYHUNQGLJWHLKQHQQXQGDV+HLOLQ&KULVWXVRK QHGLH%HVFKQHLGXQJYHUELQGOLFK]XPDFKHQ'DUXPLVWHVJXWYHUVWlQGOLFK GDVV3DXOXVGLH-XGHQQLFKWGD]XDXIIRUGHUWHDXIGLHMGLVFKH/HEHQVZHLVH ]XYHU]LFKWHQYJO.RU (VOLHJWDOVRQDKHGDVVGLH*HVHW]HVNULWLN LPSDXOLQLVFKHQ3URWRNHU\JPDQRFKQLFKWZLHLP*DODWHUEULHIUDGLNDOLVLHUW ZDUVX  $GLLL 1XQPVVHQZLUXQVQRFKGDPLWEHVFKlIWLJHQRE'WQJH UDGHQDFKGHU%HNHKUXQJDOV%HOHJIUGLH*HVHW]HVNULWLNJHGLHQWKDWRGHU RE 3DXOXV VLFK QXU IU VHLQ $UJXPHQW DXI GHQ 9HUV JHVWW]W KDW &KULVWXV VWDUE HLQHV )OXFKWRGHVQDFK GHP*HVHW] *DO  (V LVW QLFKW OHLFKW ± ZHQQ QLFKW XQP|JOLFK ± GXUFK GHQ YRQ LKP V\QFKURQ YHUIDVVWHQ 7H[W ]X GHXWHQZDQQGHU*HGDQNH3DXOXVLQGHQ6LQQNDP'DKHUKDWXQVHUHhEHU OHJXQJQXULQGLUHNWGDUDXIHLQ]XJHKHQLQGHPZLUGLHSDXOLQLVFKH$XVVDJH KLQWHUIUDJHQ 0LW PHLQHP REHQ DXIJHEUDFKWHQ %HJULII GHV ¾UHODWLYLHUWHQ *HVHW]HV½ VROO NHLQ ]X JHVHW]HVNULWLVFKHV %LOG LP *DO VRQGHUQ 3DXOXV¶ HL JHQHU(QWVFKOXVVYHUGHXWOLFKWZHUGHQEHUHLWVYRUGHP-HUXVDOHPHU.RQ]LO GDV JHVHW]HVIUHLH (YDQJHOLXP ]X YHUNQGLJHQ :HQQ VHLQ *HVHW]HVYHU VWlQGQLVLP*DODWHUEULHIDXVGHP'DPDVNXVHUOHEQLVVWDPPWHXQGLQFKULV WRORJLVFKHU9HUELQGXQJNRQVWLWXWLYJHZHVHQZlUH VRZlUHGLH6FKOXVVIRO JHUXQJ XQYHUPHLGOLFK GDVV 3DXOXV GHQ *HGDQNHQ YRP $QIDQJ ELV ]XP 5|PHUEULHI NRQVHTXHQW LP %OLFN EHKDOWHQ KDW ,P *DODWHUEULHI EHWRQW GHU $SRVWHO QDFKGUFNOLFK GDVV DOOH GLH PLW *HVHW]HVZHUNHQ XPJHKHQ XQWHU GHP )OXFK GHV *HVHW]HV VLQG   'DV LVW GHU *UXQG IU GHQ )OXFKWRG &KULVWL GDPLW HU XQV YRQ GHP *HVHW]HVIOXFK ORVNDXIW   ,Q GLHVHP SROHPLVFKHQ 9HUVWlQGQLV PXVV GHU )OXFK NODU VRZRKO IU -XGHQ ZLH DXFK IU+HLGHQJHOWHQ .RUI]HLJWMHGRFKHLQY|OOLJDQGHUHV%LOG(LQ%HVFKQLWWHQHUVROO EHL GHU %HVFKQHLGXQJ EOHLEHQ GHQQ VLH LVW HLJHQWOLFK QLFKWV VRQGHUQ GDV GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO692//(1:(,'(5$UW3DXOXV,5**9,   9JO.+$$&.(53DXOXV

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



+DOWHQ GHU *HERWH LVW ZLFKWLJ :LH N|QQWH 3DXOXV GLH %HVFKQHLGXQJ DQ VLFK ]XODVVHQ ZHQQ GDV *HVHW] IU LKQ ± EHUHLWV VHLW VHLQHU %HNHKUXQJ ± )OXFKDOOHU0HQVFKHQXQGPLW&KULVWXVJDQ]XQGJDUQLFKWYHUHLQEDUJHZH VHQ ZlUH" -XGHQFKULVWHQ PVVWHQ GDQQ HEHQIDOOV YRQ GHU 7RUDREVHUYDQ] $EVFKLHG QHKPHQ DEHU 3DXOXV VDJW QLUJHQGV GDVV VLH DXI 7RUDREVHUYDQ] YHU]LFKWHQ VROOWHQ DXFK ZHQQ VLH ]XU 5HFKWIHUWLJXQJ DQ &KULVWXV JODXEHQ PVVHQ*DOF5|PYJO$SJ 6RJDULP*DODWHUEULHIVHOEVW HUNHQQW 3DXOXV GLH MXGHQFKULVWOLFKH 0LVVLRQ DQ ZREHL GLH 7RUDREVHUYDQ] NHLQHVZHJV LP SDXOLQLVFKHQ 6LQQH EHVWULWWHQ ZHUGHQ NDQQ YJO ȫɅ ȟɿțȝ ȝȘȤȢʙȦ ȫɩȩ ȧȟȨȢȫʙȥɩȩ *DO   'LH JHPLOGHUWHQ $XVVDJHQ LP 5|PHU EULHIZlUHQDXFKQLFKWPLWGHPJDODWLVFKHQ*HVHW]HVIOXFKYHUHLQEDUZHQQ 'WQVFKRQVHLWGHU%HNHKUXQJIUGHQ$SRVWHO]HQWUDOJHZHVHQZlUH :LH NDQQ HU YRP 1XW]HQ GHU %HVFKQHLGXQJ XQG YRP KHLOLJHQ JHUHFKWHQ XQG JXWHQ &KDUDNWHU GHV *HVHW]HV VSUHFKHQ 5|P    ZHQQ HU GLH .UHX]LJXQJ VWlQGLJ DOV )OXFK GHV *HVHW]HV DXIJHIDVVW KlWWH" :LH NDQQ 3DXOXV GDV 7XQ GHV *HVHW]HV DOV SRWHQ]LDOH %HGLQJXQJ IU GLH5HFKWIHUWL JXQJ HLQUlXPHQ DXFK ZHQQ HU YRQ GHU 8QHUIOOEDUNHLW GHV *HVHW]HV DXV JHKW 5|P ± YJO *DO  " 'LHV HUNOlUW VLFK DXI NHLQHQ )DOO DOOHLQGXUFKGLHXQWHUVFKLHGOLFKH6LWXDWLRQ]XU=HLWGHU$EIDVVXQJGHV5| PHUEULHIHV 'DV *HVHW] LVW QlPOLFK QDFK *DO  JHUDGH GLH 8UVDFKH IU GHQ 7RG &KULVWL XP XQV YRQ GHP )OXFK ]X UHWWHQ 'LH HLQ]LJH P|JOLFKH $QWZRUW 3DXOXV KDWWH LQ GHU IUKHQ =HLW GHQ 7RG &KULVWL QLFKW LQ 9HUELQ GXQJ PLW 'WQ  JHEUDFKW GDV ZDU QXU VHLQ LQ GHU JDODWLVFKHQ $XVHL QDQGHUVHW]XQJDQJHIKUWHV$UJXPHQWXPVHLQH&KULVWHQ]XUHFKW]XZHLVHQ %DU .RFKED GHU  Q &KU DXFK JHNUHX]LJW ZXUGH JDOW XQWHU -XGHQ DOV 0HVVLDV QLFKW DEHU DOV GHU YRP *HVHW] 9HUIOXFKWH 'DUDXV N|QQHQ ZLU VFKOLH‰HQ GDVV VHLQ *HVHW]HVYHUVWlQGQLV QLFKW YRQ GHP *HGDQNHQ GHV )OXFKWRGHVDXVJHJDQJHQLVW :LHVRLVWGDQQGDVEHVFKQHLGXQJVIUHLH(YDQJHOLXPLQ)UDJHJHNRPPHQ ZHQQ VLFK GDV XQWHU GHQ *DODWHUQ YHUNQGLJWH .HU\JPD YRQ GHU -HUXVDOH PHU (QWVFKHLGXQJ QLFKW XQWHUVFKLHGHQ KDW" %HNDQQWOLFK VWLPPW GLH (QW VFKHLGXQJ LP -HUXVDOHPHU .RQ]LO PLW GHP SDXOLQLVFKHQ 3URWRNHU\JPD EHUHLQ%HLGHIDOOHQDEHUP(QXULQlX‰HUOLFKHU+LQVLFKW]XVDPPHQGD GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $QGHUV 6.,0 2ULJLQ ±IGHUGDUDXI DXIPHUNVDP PDFKW GDVV VLFK %DU .RFKED DOV 9RONVKHOG YRQ-HVXV HUKHEOLFK XQWHUVFKHLGHW (V LVW DEHU Y|OOLJ XQEHJUQGHW ZLH%DU.RFKED¶VKHOGHQKDIWH7lWLJNHLWDXFKVHLQHQ)OXFKWRGDXVJOHLFKHQNRQQWH'HQQ -XGHQ KlWWHQ ± VRIHUQ VLH GLH -HVXVJHVFKLFKWH EHUHLWV NDQQWHQ ± GHQ 0LVVHUIROJ GHV %DU .RFKED HEHQVR DOV ¾)OXFK½ EH]HLFKQHQ N|QQHQ ZHQQ GLH .UHX]LJXQJ VR JHOlXILJ DOV )OXFKDQQHKPEDUJHZHVHQZlUH(VLVWQDKHOLHJHQGHU'HUYRUFKULVWOLFKH3DXOXVYHUIROJ WHGLH&KULVWHQQLFKWGHVZHJHQZHLOVLHGHQYRP*HVHW]9HUIOXFKWHQDOV0HVVLDVYHUNQ GLJWHQ VRQGHUQ ZHLO VLH ± JHJHQ GLH MGLVFKH 0HVVLDVKRIIQXQJ ± LQ GHP *HNUHX]LJWHQ GHQ 0HVVLDV JHIXQGHQ ]X KDEHQ PHLQWHQ YJO .RU  3KLO   'LH %HOHJH LQ 4S1DK±XQG±DD2 VWW]HQ.LPV7KHVHQLFKW 



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

GLH-HUXVDOHPHU(QWVFKHLGXQJZRKOGXUFKHLQH6LWXDWLRQEHGLQJWZDUZHO FKHGLH)UDJHEHDQWZRUWHQPXVVWHREVLFKGLH3URVHO\WHQEHVFKQHLGHQODV VHQ VROOHQ $EHU GDV JHVHW]HVIUHLH 3URWRNHU\JPD GHV3DXOXV ZDU LQ VHLQHU FKULVWRORJLVFKHQ hEHU]HXJXQJ IHVW YHUDQNHUW $XV GLHVHP *UXQG ZDU GLH hEHUHLQNXQIWZHGHUWLHIJUHLIHQGQRFKWUDJIlKLJEHVRQGHUVGDHVYLHOHDQ GHUH -XGHQFKULVWHQ JDE GLH GHU DSRVWROLVFKHQ (QWVFKHLGXQJ QLFKW ]XVWLP PHQ NRQQWHQ 'HU DQWLRFKHQLVFKH RGHU JDODWLVFKH .RQIOLNW ZlUH VRPLW DOV =HLFKHQ GHV 0LVVIDOOHQV EHU GDV EHVFKQHLGXQJVIUHLH (YDQJHOLXP ]X EH JUHLIHQ *DO   $XFK 3DXOXV KDWWH YHUNQGLJW GDVV +HLGHQ XP GHV +HLOV ZLOOHQGDV*HVHW]QLFKWKDOWHQPVVHQ$EHUVHLQ(YDQJHOLXPHUKLHOWPLW GHP JDODWLVFKHQ .RQIOLNW HLQH QHXH 1XDQFH (LQ 0HQVFK GDUI QLFKW GDV *HVHW]EHIROJHQXPGDGXUFKJHUHFKWIHUWLJW]XZHUGHQZHLOHUGDQQXQWHU GHP)OXFKGHV*HVHW]HVEOHLEWYJO*DO± ,QGLHVHU%H ]LHKXQJ PXVV GLH 7HUPLQRORJLH ªGDV JHVHW]HVIUHLH (YDQJHOLXP© RGHU ªWKH ODZIUHH JRVSHO© IHLQHU GHILQLHUW ZHUGHQ ZHLO VLH LP *UXQGH JHQRPPHQ ]ZHL .RQQRWDWLRQHQ KDEHQ NDQQ L  'DV .HU\JPD GDV GHQ %HNHKUHQGHQ NHLQH 7RUDREVHUYDQ] DXIHUOHJW XQG LL  GDV JHVHW]HVNULWLVFKH (YDQJHOLXP GDV LP *DODWHUEULHI YHUWUHWHQ LVW %HL YLHOHQ ([HJHWHQ ZHUGHQ GLH ]ZHL %HJULIIH VHKU RIW XQWHUVFKLHGVORV PLW GHP ¾JHVHW]HVIUHLHQ½ (YDQJHOLXP DXVJHGUFNWXQG]7JHPLVFKWEHQXW]W  6LFKHU OJW GHU $SRVWHO QLFKW *DO   ZHQQ HU YHUNQGLJW GDVV VHLQH $GUHVVDWHQ XP GHV +HLOV ZLOOHQ GDV MGLVFKH *HVHW] QLFKW EHIROJHQ PV VHQDEHUQXQVHLQ(YDQJHOLXPSUl]LVLHUWVRGDVVGLH0HQVFKHQQLFKWDQ GDV *HVHW] JHEXQGHQ VHLQ GUIHQ $XIJUXQG VHLQHU YRUKHULJHQ 9HUNQGL JXQJLVWGHU$SRVWHO]XPLQGHVWGD]XYROOEHUHFKWLJWGLHJHJQHULVFKH$XI IRUGHUXQJ ]X ZLGHUOHJHQ GDVV VHLQH &KULVWHQ ]XP +HLO GDV *HVHW] KDOWHQ PVVHQ 'HU (PSIDQJ VHLQHV (YDQJHOLXPV GXUFK 2IIHQEDUXQJJHKW HLQKHU PLWVHLQHU(LQVLFKWGDVVHLQ0HQVFKVLFK±EHVRQGHUVZHQQHU+HLGHLVW± PLWGHU%HNHKUXQJQLFKW]XU7RUDREVHUYDQ]YHUSIOLFKWHW$XIJUXQGGHUSDX OLQLVFKHQ$XVVDJHGDVVHVNHLQDQGHUHV(YDQJHOLXPDOVGDVYRUKHUYHUNQ GLJWHJHEHYJO*DOI QHKPHQPDQFKH)RUVFKHUDQGDVVVHLQ3URWRNH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO ) : +251 'HU 9HU]LFKW DXI GLH %HVFKQHLGXQJ 176    IGHUPHLQWGDVVGHU9HU]LFKWDXIGLH%HVFKQHLGXQJEHUHLWVLQGHUDQWLRFKH QLVFKFKULVWOLFKHQ 0LVVLRQ GHU LP 8PNUHLV GHU 6\QDJRJHQ OHEHQGHQ XQEHVFKQLWWHQHQ 3KRERXPHQRL YHUZXU]HOW ZDU :LH 3DXOXV ± HLQ 3KDULVlHU ± DEHU GDUDXI NDP GDVV GLH %HVFKQHLGXQJLQVHLQHU0LVVLRQVWlWLJNHLWNHLQH5ROOHVSLHOHQVROOWHLVWQLFKWYRQVHLQHP *HVHW]HVYHUVWlQGQLV]XWUHQQHQ   bKQOLFK*7+(,66(15HOLJLRQ   'LHV ZHLFKW MHGRFK YRQ GHU $XIIDVVXQJ DE GDVV GDV *HVHW] ¾DGLDSKURQ½ JHZHVHQ VHL 'K 'LH +HLGHQ N|QQHQ GDV *HVHW] DXFK EHIROJHQ ZHQQ VLH ZROOHQ JHJHQ * 675(&.(5%HIUHLXQJ 

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



U\JPD SHU VH EHUHLWV JHVHW]HVNULWLVFK JHZHVHQ VHL %HL LKQHQ ZLUG YR UDXVJHVHW]W GDVV GDV *HJHQWHLO YRQ ªGDV *HVHW] HLQKDOWHQ PVVHQ© GLUHNW ªGDV *HVHW] QLFKW HLQKDOWHQ GUIHQ© KHL‰H 'LHVH 'LFKRWRPLH LVW DEHU QLFKWVDFKJHPl‰'HQQGHUbUJHUGHV3DXOXVLVWVFKRQYHUVWlQGOLFKZHQQ GLH*DODWHUWURW]VHLQHV3URWRNHU\JPDVGDVVVLHGDV*HVHW]QLFKWEHIROJHQ PVVHQ]XUUDGLNDOHQ7RUDREVHUYDQ]YHUZLUUWZXUGHQ  ,P*HJHQVDW]GD]XJHKHQDQGHUH([HJHWHQGDYRQDXVGDVVGLH5HFKW IHUWLJXQJVOHKUH OHGLJOLFK DXV GHP .DPSIPRWLY HQWVWDQGHQ VHL ,KUH $XI IDVVXQJ ZLUG MHGRFK QLFKW GXUFK GHQ 7H[W JHVWW]W ZHLO RKQH YRUKHULJH 9HUNQGLJXQJ GHU ¾*HUHFKWLJNHLW GXUFK *ODXEHQ½ VHOEVW GHU 9RUZXUI JH JHQEHUGHQ*DODWHUQDXIJUXQGLKUHU9RUNHQQWQLVVHNHLQHQ6LQQKlWWH:l UH GDV .HU\JPD DQ GLH*DODWHU DOVR ZHVHQWOLFKYRQGHUSDXOLQLVFKHQ$XV VDJH LP *DODWHUEULHI DEJHZLFKHQ VR EHVl‰H VHLQ %H]XJ DXI VHLQH IUKHUH 8QWHUZHLVXQJ ORJLVFKHUZHLVH NHLQH hEHU]HXJXQJVNUDIW 8QWHU GHU $QQDK PH GDVV GLH 5HFKWIHUWLJXQJ DEJHVHKHQ YRQ GHU *HVHW]HVSROHPLN EHUHLWV YRUKDQGHQJHZHVHQVHLXQG]ZDUDOVGLHGHU]XIROJHHLQ0HQVFKGDV*H VHW] ]XP +HLO QLFKW EHDFKWHQ PXVV ZLUG GLH :LGHUOHJXQJ GHV 3DXOXV JH UHFKWIHUWLJW $OOHUGLQJV LVW HV HLQ YHUIHKOWHU 9HUVXFK VHLQ ZHLWHUHV JHVHW ]HVNULWLVFKHV $UJXPHQW LP *DODWHUEULHI DXI GDV IUKSDXOLQLVFKH .HU\JPD ]XUFN]XIKUHQ(UEULQJWGHUJDODWLVFKH.RQIOLNWDOVVROFKHUHLQHQ%HZHLV GDIUGDVV3DXOXVLP3URWRNHU\JPDHLQHVRNULWLVFKH3RVLWLRQZLHLP*DOD WHUEULHI YHUWUHWHQ KDW YJO *DO  " (V LVW EHUHLWV HLQH UDGLNDOH :HQGH ZHQQ 3DXOXV HLQ HLIHUQGHU 3KDULVlHU GDV +HLO DX‰HUKDOE GHU 7RUDREVHU YDQ] YHUNQGLJW 9RU VHLQHU %HNHKUXQJ ZDU HV IU LKQ QlPOLFK QLFKW YRU VWHOOEDU GLH 7RUD JHJHQEHU GHP (YDQJHOLXP ]X UHODWLYLHUHQ -HGRFK JH QJWHVXQVQLFKWGHQJDODWLVFKHQ.RQIOLNWDOV:HQGHSXQNW]XEHVWLPPHQ XQGVHLQ.HU\JPDYRQGDDXVDQGHUV]XGHXWHQ+DEHQGLH6KQXQJVXQG GLH1LFKWDQUHFKQXQJVWKHRORJLHGDQQGLHVHOEH*HQHVH"'LHVH)UDJHLVWXQV ZLFKWLJ ZHLO ZLU GDYRQ DXVJHKHQ GDVV KLQWHU EHLGHQ 6RWHULRORJLHQ GLD FKURQLVFKXQWHUVFKLHGOLFKH(QWVWHKXQJVSUR]HVVHVWHKHQ   'LH1LFKWDQUHFKQXQJVWKHRORJLHDOV2IIHQEDUXQJ&KULVWL %HUHLWV DP $QIDQJ GHV *DODWHUEULHIHV EHWRQW 3DXOXV QDFKGUFNOLFK GDVV VHLQ(YDQJHOLXPDXVHLQHU2IIHQEDUXQJHQWVWDQGHQLVW*DOYJO   $XIJUXQG GLHVHU bX‰HUXQJ YHUPXWHQ YLHOH GDVV VHLQ $SRVWRODW YRQ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   6$QP   9JO 6 .,0 2ULJLQ± ª+DG KHHYHUSUHDFKHGDJRVSHO ZLWK WKH7RUDK DQG FLUFXPFLVLRQ DPRQJ WKH *HQWLOHV LQ $UDELD 'DPDVFXV 6\ULD DQG &LOLFLD RU HOVHZKHUH KLV DUJXPHQW LQ *DO ± ZRXOG IDOO WRWKH JURXQG FRPSOHWHO\©  +HUYRUKHEXQJYRQ PLU $OOHUGLQJVPXVVGDVªODZIUHHJRVSHO©QLFKW]ZDQJVOlXILJPLWGHPMHQLJHQLP*DOD WHUEULHILGHQWLIL]LHUWZHUGHQZHLOVHLQH7HUPLQRORJLHVHOEVWEHUHLWV]ZHLGHXWLJLVW   6$QP



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

*HJQHUQEHGURKWZXUGH$OOHUGLQJVVXFKWGHU$SRVWHOZRKOQLFKWGHVZH JHQGLH+HUNXQIWVHLQHV(YDQJHOLXPVLQGHU2IIHQEDUXQJZHLOGDV$SRVWR ODW HKHU PLW GHU =HXJHQVFKDIW GHV LUGLVFKHQ -HVXV YHUEXQGHQ LVW 3DXOXV KlOW VLFK DQGHUQRUWV QLFKW ]XUFN DXV]XVDJHQ GDVV HU &KULVWXV JHVHKHQ KDEH .RU    'LH 2IIHQEDUXQJ DOV %HJUQGXQJ VHLQHU DSRVWROL VFKHQ $XWRULWlW ZlUH NHLQH ]ZLQJHQGH :LGHUOHJXQJ ZHQQ GLH *DODWHU ZLUNOLFK VHLQ $SRVWRODW EHVWULWWHQ KlWWHQ ,P JDODWLVFKHQ .RQIOLNW JHKW HV GDJHJHQ P ( HKHU XP GHQ ,QKDOW GHV (YDQJHOLXPV 'LH 2IIHQEDUXQJ DOV +HUNXQIWVHLQHV(YDQJHOLXPVEULQJWDEHUKlXILJGLH)UDJHPLWVLFKZLHGLH $QOHKQXQJGHV3DXOXVDQYRUSDXOLQLVFKH7UDGLWLRQHQ]XYHUVWHKHQLVW2E 3DXOXV DQGHUHQ &KULVWHQ VHLQ (YDQJHOLXP YHUGDQNW .RU  D  RGHUHVYRQGHU2IIHQEDUXQJHUKDOWHQKDW*DO VROOWHQLFKWXQWHUGHU $QQDKPH GDVV VHLQ (YDQJHOLXP DXV HLQHU HLQKHLWOLFKHQ 6RWHULRORJLH EH VWHKW JHNOlUW ZHUGHQ 'HU $SRVWHO ZLOO LQ .RU  GLH .RULQWKHU EHU ]HXJHQGLHGLH*HZLVVKHLWGHU$XIHUVWHKXQJEH]ZHLIHOWHQ'DEHLZlUHGLH hEHUHLQVWLPPXQJ LP .HU\JPDLQKDOW PLW DQGHUHQ FKULVWOLFKHQ 7UDGLWLRQHQ DXVVDJHNUlIWLJ  9RUGLHVHP+LQWHUJUXQGLVWHVYHUVWlQGOLFKGDVV3DXOXVXPVHLQH/HK UH]XIHVWLJHQDXI7UDGLWLRQHQUHNXUULHUWZHQQGLH$XIHUVWHKXQJDOVRHLQ JUXQGOHJHQGHU %HVWDQGWHLO GHU 6KQXQJVWKHRORJLH YRQ GHQ .RULQWKHUQ DQJH]ZHLIHOW ZLUG .RU ±  :LHVR PDFKW 3DXOXV GDQQ GLH *DODWHU QLFKW DXI GHQ *ODXEHQ $EUDKDPV LQ GHU MXGHQFKULVWOLFKHQ 9HUNQGLJXQJ DXIPHUNVDPZHQQHUGLHVHQ*ODXEHQPLW-XGHQFKULVWHQWHLOW"'DVZlUHHLQ HQWVFKHLGHQGHV$UJXPHQWIUGHQ$SRVWHOZHQQGLH$QDORJLHªGHU*HUHFK WLJNHLW$EUDKDPVGXUFK*ODXEHQ©DXFKYRQ-XGHQFKULVWHQYHUWUHWHQZRUGHQ ZlUH YJO *DO   'LH *DODWHU XQG GLH SDXOLQLVFKHQ *HJQHU KlWWHQ ZLU NXQJVYROO EHUUHGHW ZHUGHQ N|QQHQ IDOOV GLH 1LFKWDQUHFKQXQJVWKHRORJLH DXIMXGHQFKULVWOLFKH$XWRULWlWHQ]XUFNJLQJ'LH,QWHUSUHWDWLRQVHLQHV3UR WRNHU\JPDV LVW LP JDODWLVFKHQ .RQIOLNW ]XP ,QKDOW GHU 2IIHQEDUXQJ JH ZRUGHQ ZHQQ 3DXOXV DXVIKUW HU KDEH GHQ .HUQ GHV *HGDQNHQV YRQ GHU 2IIHQEDUXQJ±DEHUQLFKWYRQDQGHUHQ&KULVWHQ±EHUQRPPHQ'LHVH)UD JHPQGHWQXQLQ]ZHL9HUPXWXQJHQ=XHUVWLVWGLH$QUHFKQXQJGHV*ODX EHQV ]XU *HUHFKWLJNHLW HLQH SDXOLQLVFKH .RQ]HSWLRQ 8P GLH /HJLWLPLWlW VHLQHV *HGDQNHQV ]X VLFKHUQ KDWWH HU DOVR NHLQH DQGHUH $XWRULWlW DOV GLH 2IIHQEDUXQJ VHOEVW ZHQQ HU VLFK HLQH PHQVFKOLFKH $XWRULWlW JHZQVFKW GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   6&+/,(5 *DO3 678+/0$&+(5 'DVSDXOLQLVFKH(YDQJHOLXP,9RUJHVFKLFKWH )5/$17*|WWLQJHQ±$QGHUV..(57(/*(*UXQGWKHPHQSDXOLQLVFKHU 7KHRORJLH )UHLEXUJ X D   .HUWHOJH SDUDOOHOLVLHUW GLH *HOWXQJ GHV SDXOLQLVFKHQ (YDQJHOLXPVXQGGLH8QDEKlQJLJNHLWVHLQHV$SRVWRODWV   9JO-$% h+1(5$UWɳȧʛȪȫʙȤʙȩ (:17,   . .(57(/*( *UXQGWKHPHQI- + 6&+h7=3DXODQG WKH $QDWRP\ RI $SRV WROLF$XWKRULW\066176&DPEULGJHI   =XU3OXUDOLWlWGHUSDXOLQLVFKHQ6RWHULRORJLHV†

'LHKLVWRULVFKH9HURUWXQJGHU1LFKWDQUHFKQXQJVWKHRORJLH



KlWWH =ZHLWHQV LVW GLH %HREDFKWXQJ QDKH OLHJHQG GDVV GLH 1LFKWDQUHFK QXQJVWKHRORJLHLQGHUIUKSDXOLQLVFKHQ*HVHW]HVYRUVWHOOXQJYHUZXU]HOWLVW DEHULP/DXIGHV'LDORJVPLW-XGDLVWHQUDGLNDOLVLHUWZXUGH 'DVV GLH 1LFKWDQUHFKQXQJVWKHRORJLH QLFKW LP SDXOLQLVFKHQ 3URWRNH U\JPD YHUWUHWHQ ZXUGH NDQQ DXIJUXQG YRQ *DO ± YHUPXWHW ZHUGHQ 2EZRKOGHUSDXOLQLVFKH%HULFKWLQ*DOXQGGLHOXNDQLVFKH'DUVWHOOXQJLQ $SJ  EHU GDV $SRVWHONRQ]LO YRQ XQWHUVFKLHGOLFKHQ 6WDQGSXQNWHQ ]HX JHQ ZDUHQ EHLGHLP *UXQGH HLQLJ GDUEHU GDVV HV XP GLH 7RUDREVHUYDQ] E]Z GLH MGLVFKH /HEHQVZHLVH QDFK GHU %HNHKUXQJ JLQJ 'HU $QODVV GHV .RQ]LOV LQ -HUXVDOHP ZDU GDVV HLQLJH -XGHQFKULVWHQ GLH KHLGQLVFKHQ %H NHKUWHQ ]XU %HVFKQHLGXQJ DXIJHIRUGHUW KDWWHQ YJO $SJ  *DO   8QWHU-HUXVDOHPHU$SRVWHOQLVWPDQDEHU]XGHUhEHUHLQNXQIWJHODQJWGDVV GLH+HLGHQFKULVWHQYRQGHU%HVFKQHLGXQJEHIUHLWZHUGHQVROOWHQYJO$SJ  *DO   6HOEVWYHUVWlQGOLFK PDFKW 3DXOXV LQ VHLQHP %ULHI DXFK GLH $UEHLWVWHLOXQJ LQ GHU 0LVVLRQ NHQQWOLFK *DO± GLH KlXILJQLFKW DOVJHJHQVHLWLJH9HUHLQEDUXQJJLOW$OOHUGLQJVKDEHQZLUNHLQHQ]ZLQJHQ GHQ *UXQG GD]X GLH *ODXEZUGLJNHLW GHU SDXOLQLVFKHQ $XVVDJH LQ *DO ±DQVLFK]XEH]ZHLIHOQ*DO]XIROJHOLH‰GHU$SRVWHOVHLQ(YDQ JHOLXP YRQ GHQ -HUXVDOHPHU $XWRULWlWHQ SUIHQ DEHU VLH IJWHQ VHLQHP (YDQJHOLXP QLFKWV KLQ]X *DO   $XV GHQ SDXOLQLVFKHQ $XVVDJHQ LQ ±HUVFKOLH‰WVLFKVRPLW)ROJHQGHV'DV¾IUKSDXOLQLVFKH½.HU\JPDDQ VLFK ZDU IU GLH $SRVWHO QLFKW DQVW|‰LJ 6HLQ 3URWRNHU\JPD KDWWH MD GLH 6KQHGHXWXQJGHV7RGHV-HVX]XP,QKDOWXQGZLFKYRQLKUHU9HUNQGLJXQJ QLFKW ZHVHQWOLFK DE 'DVV GLH -HUXVDOHPHU $SRVWHO DEHU QLFKWV ]XVlW]OLFK DXIHUOHJWHQ]%HLQ*HVHW]HVZHUNZLHGLH%HVFKQHLGXQJ KHL‰WWURW]GHP QLFKWGDVVVLHDXFKGHPSDXOLQLVFKHQ*HVHW]HVYHUVWlQGQLVLP*DODWHUEULHI GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   =XP %HLVSLHO + +h%1(5 'DV *HVHW] EHL 3DXOXV (LQ %HLWUDJ ]XP :HUGHQ GHU SDXOLQLVFKHQ7KHRORJLH)5/$17*|WWLQJHQ   +LHU LVWGLH%HGHXWXQJ GHV 9HUEV ȧȨʙȪțȦȫȚʝȠȥȢ YRQ9]X EHUOHJHQ :DV KD EHQ GLH ¾$QJHVHKHQHQ½ 3DXOXV QLFKW ]XVlW]OLFK DXIHUOHJW" + % $/=* 6&+1(,'(5 $UW ȧȨʙȪțȦȫȚʝȟȥțȢ(:17,,,YHUPXWHQGDVVHVHQWZHGHUXPGLH%HVWUHLWXQJ]XVlW] OLFKHU $XIODJHQ RGHU XP ]XP SDXOLQLVFKHQ +HLGHQHYDQJHOLXP QRFK KLQ]XNRPPHQGH WKHRORJLVFKH $VSHNWH VHLWHQV GHU -HUXVDOHPHU 5HSUlVHQWDQWHQ JHKW $EHU XQDEKlQJLJ GDYRQ RE HV VLFK XP GLH ]XVlW]OLFKH 3IOLFKW RGHU GHQ ]XVlW]OLFKHQ ,QKDOW GHV (YDQJHOL XPV KDQGHOW LVW GHU .HUQSXQNW GHV $SRVWHOV HLQGHXWLJ 6HLQ .HU\JPD RKQH %HVFKQHL GXQJ GDV HU GHQ $SRVWHOQ YRUOHJWH ZXUGH ZLGHUVWDQGVORV DQHUNDQQW 8 %256( 'HU %ULHI DQ GLH *DODWHU 517 5HJHQVEXUJ   - ' * '811 7KH (SLVWOH WR WKH *DODWLDQV%17&/RQGRQ6&+/,(5*DO 0LW9IPHLQW3DXOXVIROJOLFK ¾:LU KDWWHQ NHLQHQ 8QWHUVFKLHG LP .HU\JPD YLHOPHKU VLQG ZLU ]X GHU $EPDFKXQJ JH ODQJW GDVV LFK +HLGHQ PLVVLRQLHUH½ 'DV ɳȤȤȗ LQ 9  EHGHXWHW DOVR ¾YLHOPHKU½ DEHU QLFKW¾VRQGHUQ½lKQOLFK/21*(1(&.(5*DO 6R)928*$$QGLH*DODWHU+17 7ELQJHQ-/0$57PW[TPKUZWK LQ 4007 ªHLQLJH 7DWHQ GHU 7RUD© 4LPURQ &   YHUQHLQWGLHVLFKKDXSWVlFKOLFKDXIGLH+DQGOXQJHQLP.XOWZLH2SIHUGDU EULQJXQJ   EH]LHKHQ % III  'LH *HVHW]HVZHUNH N|Q QHQ MHGRFK YHUVFKLHGHQH $VSHNWH ± HLQ]HOQH RGHU XPIDVVHQGH ± EHLQ KDOWHQ ZlKUHQG GDV *HVHW] ɰ Ȧʛȥʙȩ  DQ VLFK NODU HLQ JDQ]HV 6\VWHP LP %OLFNKDW  0LWGHQ*HVHW]HVZHUNHQLQ*DOPHLQW3DXOXVP(GLH.XOWKDQGOXQJ ʭȨȝʙȦZXUGH]XHUVWLQGHU/;;]XU:LHGHUJDEHGHU:HQGXQJHQ KGE> ¡ `XQG GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   *HJHQ6&+/,(5*DOGHUGLH¾*HVHW]HVZHUNH½PLWGHP¾*HVHW]½JOHLFKVHW]W(V ZLUGLQ†EHKDQGHOWZDUXP3DXOXVGLHª%HVFKQHLGXQJ©PLWGHP7HUPLQXVª*H VHW]HVZHUNH©EH]HLFKQHW   -  '  *  ' 8117KHRORJ\:LUKDEHQYHUHLQ]HOWH%HOHJHIDVWQXULP4XPUDQ WH[W   675$&.% ,//(5%(&. ,,,  ª+LHU VLQG GLH ¾:HUNH GHU *HERWH½ DWZZ[@PL \G(E@:>KHEUlLVFK W[@PL\FH>`P  JHQDX GDVVHOEH ZDV GHU $SRVWHO ɐȨȝț ȦʛȥʙȬ QHQQW QXU GD‰GRUWGDVVLQJXODULVFKHȦʛȥʙȩGXUFKGLH9LHOKHLWGHUHLQ]HOQHQ*HERWHHUVHW]WLVW©   *HJHQ +- (&.67(,1 9HUKHL‰XQJ I ª+LHU ZLH GRUW JHKW HV EHL GHQ ɐȨȝț ȦʛȥʙȬ MHGHQIDOOV XP GDV ɌȤʙȦ ȫɅȦ ȦʛȥʙȦ ȧʙȢɩȪțȢ *DO  © =LWDW YRQ  9JO DEHU '(56'HU*HUHFKWH   6R52+'(*DO   7H[WEHIXQG QDFK ( 4,0521- 6758*1(// HG  4XPUDQ &DYH  'LVFRYHULHV LQ WKH-XGDHDQ'HVHUW;2[IRUG   6R - ' * '811 4007 DQG *DODWLDQV 176     (V LVW DEHU NHLQ :XQGHU GDVV 'XQQ GHQ %HOHJ DOV HLQHQ YRP *DO DEZHLFKHQGHQ EHZHUWHW ZHQQ HU GHQ NXOWLVFKHQ6WUHLWSXQNWGHV*DODWHUEULHIHVQLFKWEHPHUNW   6&+/,(5 *DO   0 8661(5 *DO   'XQQKDW5HFKWZHQQHUGDUDXIKLQZHLVWGDVVGLH*HVHW]HVZHUNHLQ*DOQLFKW DOOJHPHLQH7RUDREVHUYDQ]EHGHXWHQPVVHQ7URW]GHPLVWVHLQHU'HXWXQJLQVRIHUQQLFKW ]X]XVWLPPHQDOVVLHLP3ULQ]LSOHGLJOLFKDXVGHP$QVDW]GHUª1HZ3HUVSHFWLYH©KHUYRU JLQJ GHU ]XIROJH GLH *HVHW]HVZHUNH DXI ªSDUWLFXODU REVHUYDQFH RI WKH ODZ OLNH FLUFXPFLVLRQ DQG WKH IRRG ODZ© ]X EHVFKUlQNHQ VHLHQ 6LHKH '811 1HZ 3HUVSHFWLYH 



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

KNDOP@ YHUZHQGHW GLH GHQ 'LHQVW DP +HLOLJWXP GLH 2SIHUYHUULFKWXQJHQ

GHQ:DFKWGLHQVWXQGGLH%DXDUEHLWDP7HPSHOE]ZDQGHU6WLIWVKWWH]XP $XVGUXFNEULQJHQ$XFKGHUYRQ(&.67(,1DXIJH]HLJWH%HOHJ¾*HVHW]HV ZHUNH½ LQ 4XPUDQWH[WHQ VFKOLH‰W GLH 9HUELQGXQJ PLW GHP .XOW QLFKW DXV ,Q 4IORU ± ZLUG EHULFKWHW GDVV GDV +HLOLJWXP ,VUDHOV QLFKW ZLHGHU ZHJHQGHU6QGH]HUVW|UWZLUGXQGHVXQWHU0HQVFKHQJHEDXWZHUGHQVROO GLH GLH 7DWHQ GHV *HVHW]HV DOV 5DXFKRSIHU GDUEULQJHQ KUZW\F>PZ\QSO  >OZ@NPKPKOM\Q\UYDKN\E\ZDOZNPKNO\W>ZM\QK@ZG\ZGOUPDUYDZ9   'HPHQWVSUHFKHQG VROOWH ]XPLQGHVW GDUDXI JHDFKWHW ZHUGHQ DXI ZHOFKHQ 7HLO GHV *HVHW]HV HLQ ¾*HVHW]HVZHUN½ %H]XJ QLPPW LQVRIHUQ GLH *HVHW ]HVZHUNHMHQDFK.RQWH[WVRZRKODXIGLH*HVDPWKHLWGHV*HVHW]HVDOVDXFK DXIEHVWLPPWH(LQ]HOWDWHQEH]RJHQVLQG :LHLVWGDQQGLH%H]LHKXQJ]ZLVFKHQGHP7RG-HVXXQGGHUNXOWLVFKHQ 9RUVWHOOXQJ]XHUNOlUHQ"1DFK*7+(,66(1V$XIIDVVXQJZXUGHGLH2SIHU GHXWXQJ GHV 7RGHV -HVX ]XP (UVDW] IU DOOH DQGHUHQ 2SIHU XQG ]ZDU JUXQGVlW]OLFKPLW GHU 7HPSHO]HUVW|UXQJLP-DKUH Q &KU =ZDU LVWHV QLFKW ]X EHVWUHLWHQ GDVV GLH 7HPSHO]HUVW|UXQJ DOV ZLFKWLJHU )DNWRU HLQHQ (LQIOXVVDXIGHQ6KQHJHGDQNHQDXVJHEWKDWGHQQRFKLVWVLHP(NHLQH GLUHNWH8UVDFKHIUGLH(QWVWHKXQJGHV9HUVWlQGQLVVHV'HQQGLHVHV(UHLJ QLV LVW SHU VH LP +LQEOLFN DXI GLH 6KQHGHXWXQJ GHV 7RGHV -HVX QHXWUDO 'LH6KQHYRUVWHOOXQJKlWWHDXFKJDQ]DQ5HOHYDQ]YHUOLHUHQN|QQHQ:R]X VROOWHQ 0HQVFKHQ -HVX 7RG DOV HLQHQMGLVFKHQ 6KQHWRG YHUVWHKHQZHQQ GDV]HQWUDOH6\PEROGHVMGLVFKHQ.XOWVVHOEVW]HUVW|UWLVW"'LH+HUNXQIW GHU2SIHUGHXWXQJLVWGHPQDFKLQHLQHPIUKHUHQ=HLWUDXP]XVXFKHQZDV DXFK DXIJUXQG YRQ 0N  HLQLJHUPD‰HQ DQ 3ODXVLELOLWlW JHZLQQW 'DV =HUUHL‰HQGHV9RUKDQJVDP7HPSHO±DOVRGDV6\PEROGHU$EVFKDIIXQJGHV .XOWHV±GHVVHQ%HULFKWDXFKYRQ0DWWKlXVXQG/XNDVEHUQRPPHQZRU GHQLVW0W/N ]HLJWGHXWOLFKGDVVGHU*HGDQNHGHU.XOWHU VHW]XQJ GXUFK VHLQHQ 7RG EHUHLWV YRU GHU 7HPSHO]HUVW|UXQJ YRUKDQGHQ ZDU'LH0LQGHUKHLWVPHLQXQJGDVVGDV0N(YNXU]QDFKQ&KUYHU

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   *%(575$0$UWɐȨȝʙȦ7K:17,,.+$$&.(59HUGLHQVWHXQG*UHQ]HQ GHUªQHXHQ3HUVSHNWLYH©GHU3DXOXV$XVOHJXQJLQ0%DFKPDQQ+J /XWKHULVFKHXQG 1HXH3DXOXVSHUVSHNWLYH:8177ELQJHQ   7H[WQDFK/2+6(7H[WHDXV4XPUDQ   * 7 +(,66(1 5HOLJLRQ II EHV I 7KHL‰HQ PHLQW GDVV GHU RSIHUORVH .XOW XQWHUGHQ+HLGHQFKULVWHQHLQHJU|‰HUH5ROOHVSLHOWH'LHVN|QQWHDEHUDXFKIUGLH-XGHQ FKULVWHQJHOWHQZHQQVLHGHQMGLVFKHQ.XOWDOVLP.UHX]HVJHVFKHKHQHUVHW]WYHUVWDQGHQ   =% ZXUGHQ XQWHU PDQFKHQ -XGHQ GLH JXWHQ 7DWHQ QDFK GHU 7RUD VWDWWGHVVHQ ]XU (UO|VXQJ YRUJHVFKODJHQ 6 GD]X - 1(861(5 $ /LIH RI 5DEEDQ PHWUN@Q, ([  /HY  1XP     :HQQ GHU %XQG GDV QHXH *HPHLQVFKDIWVYHUKlOWQLV YRQ ,VUDHO PLW *RWW EH]HLFKQHW VR IUDJHQ ZLU XQV ZLH GLHVHU $VSHNW LP *DODWHUEULHI UHIOHNWLHUWLVW%HWUDFKWHQZLUGLHVH5HIOH[LRQDQKDQGYRQ*DOZRGHU $SRVWHO EHULFKWHW ª,FK EH]HXJH QRFK HLQPDO MHGHP 0HQVFKHQ GHU VLFK EHVFKQHLGHQOlVVWGDVVHUGDVJDQ]H*HVHW]]XWXQVFKXOGLJLVW©0LWȧȗȤȢȦ N|QQWHHUZRKODXIDOOH*HERWHLQYHUZHLVHQDEHUGDV9HUEȥțȨȫȲȨ ʙȥțȢPXVVP(QLFKWDXIVHLQH$QOHKQXQJDQHLQHDOWWHVWDPHQWOLFKH6WHOOH KLQZHLVHQ 'HQQ GDV 0HGLXP OlVVW GLH IOFKWLJH hEHUWUDJXQJ ¾EH]HXJHQ½ ZHGHULP6LQQHGHU=LWLHUXQJQRFKGHUZLHGHUKROHQGHQ(UZlKQXQJ]XHV NDQQDXFKNDXP¾*HULFKWV]HXJHQ½EHGHXWHQGDHVGLH]XP%H]HXJHQDXI GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   7H[WQDFK*)ULHGODQGHUWU 3LUNHGH5DEEL(OLH]HU1HZ«@5|PZLUGPDQNDXP]XU %DVLV IU GDV OXWK VLPXO LXVWXV HW SHFFDWRU YHUZHQGHQ GUIHQ >«@ 'DV +DXSWLQWHUHVVH GHU 'LVNXVVLRQ LVW GDV *HVHW] QLFKW GLH 6QGH 'LH %HWR QXQJGHU$SRULHGHV*HVHW]HVLQ5|PXQG*DOKDWGHQ=ZHFNGLH¾VQGL JHQ+HLGHQ½DOVJOHLFKEHUHFKWLJWH*OLHGHUGHVQHXHQ*RWWHVYRONHVLQ&KULV WXV ]X YHUWHLGLJHQ© $EHU IU GLH 9HUQDFKOlVVLJXQJ GHU 6QGHQSUREOH PDWLN LVW QLFKW DOOHLQ GLH $N]HQWXLHUXQJ GHU 6RWHULRORJLH JHJHQEHU GHU $QWKURSRORJLHYHUDQWZRUWOLFK  'LH1HZ3HUVSHFWLYH]HLFKQHWVLFKYRUDOOHPLQLKUHPQHXHQ*HVHW]HV YHUVWlQGQLVEHL3DXOXVXQGLP-XGHQWXPDXVGDVVQLFKWGDV*HVHW]DQVLFK ZHVHQWOLFKHU 6WUHLWSXQNW ]ZLVFKHQ GHQ EHLGHQ JHZHVHQ VHL VRQGHUQ GLH MGLVFKH([NOXVLYLWlW'DKHUZLUGGLH6QGHGHP*HVHW]XQWHUJHRUGQHWXQG QXUDOVVHLQHhEHUWUHWXQJDXIJHIDVVWª,Q-XGDLVPVLQLVXQLIRUPDOO\WUDQV JUHVVLRQ©(VLVWNDXPYHUZXQGHUOLFKGDVVGLH1HZ3HUVSHFWLYHGLHSDX OLQLVFKH 5HFKWIHUWLJXQJVOHKUHLP /LFKW GHU *HVHW]HVSROHPLN LQWHUSUHWLHUHQ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   5%8/70$117KHRORJLHII   (36$1'(5633-I=LWDWDXV   .67(1'$+/$UW6QGHXQG6FKXOG,95**9,   (36$1'(5633-

5KPHQDOV6QGHXQGGLHª1HZ3HUVSHFWLYHRQ3DXO©



ZLOO ,Q GHP 0D‰H LQ GHP GDV *HVHW] DEHU EHL 3DXOXV NHLQ .HUQSUREOHP LVW YHUGLHQW GLH 6QGH ORJLVFKHUZHLVH ZHQLJ %HDFKWXQJ 'HQQRFK 6RJDU + 5b,6b1(1 GHU 3DXOXV HLQH 7KHRORJLH GHV *HVHW]HV DEVSULFKW UFNW HV LURQLVFKHUZHLVH LQ GHQ 9RUGHUJUXQG LQGHP HU HV ]XP +DXSWJHJHQVWDQG VHLQHU )RUVFKXQJ PDFKW 'DEHL EOHLEW GLH 6QGH GRFK LP +LQWHUJUXQG 'LH¾6QGHDOV1HEHQVFKDXSODW]½ZLUIWHLQHZHVHQWOLFKH)UDJHDXI:DVIU HLQ .HU\JPD KlWWH 3DXOXV XQWHU +HLGHQ YHUNQGLJW IU GLH GDV MGLVFKH *HVHW]NHLQHYHUELQGOLFKH1RUPGDUVWHOOWZHQQ6QGHOHGLJOLFKDOVhEHU WUHWXQJ GHV *HVHW]HV ]X YHUVWHKHQ ZlUH" 'DV hEHUVHKHQ GHU 6QGHQSURE OHPDWLNIKUWDX‰HUGHPGD]XGDVVGLH1HZ3HUVSHFWLYHGLHSHVVLPLVWLVFKH $QWKURSRORJLHGHV3DXOXVGXUFKZHJYHUIHKOW$XFKEH]JOLFKGHU+HLGHQ JLOW GLH DOOJHPHLQH 6QGKDIWLJNHLW LQ 5|P ± ,Q GLHVHP 6LQQH LVW GLH %HPHUNXQJ 67(1'$+/V ZLFKWLJ ªDEHU VHLQ VF 3DXOXV  'HQNHQ EHU GLH 6QGH KDW VHLQHQ 6FKZHUSXQNW LQ GHP ZDV HU DOV GLH )ROJH GHV PRVDL VFKHQ*HVHW]HVIUGLH6QGHVLHKW© 1HXHUGLQJV YHUGLHQW DEHU GLH 6QGHQWKHPDWLN DXFK LQ GHU 1HZ 3HU VSHFWLYH %HDFKWXQJ-' * '811 YHUGHXWOLFKW GLH DQWKURSRORJLVFKH 9R UDXVVHW]XQJLQGHPHUGHQ0DFKWFKDUDNWHUGHUɨȥțȨȫȚțIRNXVVLHUW6QGH LVW V ( DOV 0DFKW ]X YHUVWHKHQ YRQ GHU JLOW VLH ODVVH 0HQVFKHQ LKU *HVFK|SIVHLQXQGLKUH$EKlQJLJNHLWYRQ*RWWYHUJHVVHQ'LH6QGHYHU DQODVVHXQV]XP6QGLJHQLQGHPVLHXQVHUH%HJLHUGHSURYR]LHUH'LH%H ]LHKXQJ ]ZLVFKHQ GHP *HVHW] XQG GHU 6QGH ZLUG HKHU LP .DSLWHO EHU GDV *HVHW] EHKDQGHOW $EJHVHKHQ GDYRQ GDVV '811 GLH XQWHUVFKLHGOLFK UHIOHNWLHUWHQ $VSHNWH GHU 6QGH QLFKW EHPHUNW LVW VHLQH 'DUVWHOOXQJ GHU SDXOLQLVFKHQ 7KHRORJLH LQVRIHUQ QLFKW DXVUHLFKHQG DOV GDEHL QLFKW DQ VFKDXOLFK LVW ZLH 6QGH GXUFK 5HFKWIHUWLJXQJ EHUZXQGHQ ZHUGHQ NDQQ 2EZRKO'811GLHVR]LDOH 'LPHQVLRQ DN]HQWXLHUWEOHLEWVHLQH3RVLWLRQ GH IDFWR LGHQWLVFK PLW DQGHUHQ 1HZ3HUVSHFWLYLVWHQ ª3DXO¶V LQGLFWPHQW ZDV FKDUDFWHULVWLFRIDGLDVSRUD-XGDLVPFRQVFLRXVRILWVPRUDOVXSHULRULW\RYHU W\SLFDO *HQWLOH UHOLJLRQ© (V ZXQGHUW QLFKW GDVV GLH )UDJH GHU 6QGH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO7(963$1-(,QFRQVLVWHQF\±   ( 3 6$1'(56 33- ± + 5b,6b1(1 /DZ  6R ULFKWLJ 7 /$$72 3DXO¶V $QWKURSRORJLFDO&RQVLGHUDWLRQV±   .67(1'$+/$UW6QGHXQG6FKXOG,95**9,I,QVRIHUQVSULFKW3DXOXVV ( HKHU YRQ GHU 6FKZDFKKHLW DOV YRQ GHU 6QGH  '(56 3DXO   ª0LW &KULVWXV LVW GLH QHXH6LWXDWLRQJHNRPPHQLQGHUGLH6QGHEHUZXQGHQLVW©6QGHXQG6FKXOG,9 G   -'*'8117KHRORJ\±YJODXFK±±   $D2   $D2+LHUEHGDUIHVHLQHU%HPHUNXQJ]XU.ULWLNGHU1HZ3HUVSHFWLYHDQGHU OXWKHULVFKHQ,QWHUSUHWDWLRQVLHYHUVWHKHGLHSDXOLQLVFKH6RWHULRORJLH]XLQGLYLGXDOLVWLVFK $OOHUGLQJV$XFKGLH$XIPHUNVDPNHLWIUGDVMGLVFKH6HOEVWEHZXVVWVHLQEHNXQGHWNDXP HLQHQ VR]LDOHQ +RUL]RQW GHU SDXOLQLVFKHQ 6RWHULRORJLH GHQQ 3DXOXV EHKDQGHOW QLFKW XQ PLWWHOEDUZLHGLH.OXIW]ZLVFKHQ-XGHQXQG+HLGHQGXUFKVHLQH5HFKWIHUWLJXQJVOHKUH]X



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

DXFK EHL '811 DXI HLQHQ 1HEHQVFKDXSODW] UHGX]LHUW ZLUG ZLH VLFK GLH 1HZ3HUVSHFWLYHYRUQHKPOLFKPLWGHP*HVHW]EHIDVVWXPGDUDXVGLHMGL VFKH ([NOXVLYLWlW DOV =DQNDSIHO KHUYRU]XKHEHQ 'DEHL ZLUG KDXSWVlFKOLFK ]XU 'LVNXVVLRQ JHVWHOOW ZLH GDV -XGHQWXP GDV *HVHW] YHUVWDQGHQ XQG GHU $SRVWHO VLFK GDJHJHQJHVWHOOW KDW 8QDXVZHLFKOLFK ZLUG GLH 6QGHQSUREOH PDWLN GDEHL YHUQDFKOlVVLJW GLH LQ GHU %HNHKUXQJVVLWXDWLRQ HLQH ZHLWDXV ZHVHQWOLFKHUH 5ROOH JHVSLHOW KDEHQ GUIWH 'LHVH %HKDXSWXQJ EHGDUI VL FKHUOLFK GHV %HZHLVHV :HQGHQ ZLU XQV GHU )UDJH LP DQVFKOLH‰HQGHQ $E VFKQLWW]X  6QGHLQGHU%HNHKUXQJVVLWXDWLRQ :LHREHQGDUJHOHJWILQGHWGLH)UDJHXQWHUZHOFKHU%HGLQJXQJ+HLGHQLQV -XGHQWXP ]XJHODVVHQ ZHUGHQ GUIHQ LQ MGLVFKHQ 6FKULIWHQ VHKU VHOWHQ (UZlKQXQJ 'DEHL ZLUG DSRGLNWLVFK DQJHQRPPHQ GDVV 3URVHO\WHQ GHQ (QWVFKOXVV IDVVHQ VLFK GHU MGLVFKHQ /HEHZHLVH KLQ]XJHEHQ RGHU VLH OH EHQ EHUHLWV QDFK MGLVFKHU 6LWWH 'DYRQ ZHLFKW GLH FKULVWOLFKH +HLGHQPLV VLRQLQVRIHUQDEDOVVLHDXFKGLHMHQLJHQLP%OLFNKDWGLH]XYRUNHLQ,QWH UHVVH IU GDV -XGHQWXP JH]HLJW KDEHQ 'DUDXV GDUI QRFK QLFKW GLH )ROJHUXQJ JH]RJHQ ZHUGHQ LQ GHU KHLGQLVFKHQ %HNHKUXQJVVLWXDWLRQ NlPH HV QXU DXI GLH 7RUDREVHUYDQ] DQ hEHUOHJHQ ZLU DP %HLVSLHO HLQHU MGL VFKHQ 6FKULIW ZLH GDV -XGHQWXP GLH %HNHKUXQJ YRQ +HLGHQ EHWUDFKWHWH GLHPLW-XGHQ]XYRUNHLQHQ8PJDQJJHSIOHJWKDW  ª-RVHSKXQG$VHQHWK©]LHKWXQVHU,QWHUHVVHDXIVLFKGHQQGDV%XFKWKHPD WLVLHUWDXVQDKPVZHLVHHUVFK|SIHQGGLH%HNHKUXQJHLQHU+HLGLQ'DEHLZLUG DQGHUVDOVLQ$SN$EURGHU-XEGLH6QGHQSUREOHPDWLNDXVIKUOLFKEHKDQ GHOW (V ZDU XQWHU -XGHQ YHUVWlQGOLFKHUZHLVH HLQH JUR‰H )UDJH ZLH GHU IURPPH-RVHSKGHPNDQRQLVFKHQ$OWHQ7HVWDPHQW]XIROJHHLQH+HLGLQDXV bJ\SWHQ KHLUDWHQ NRQQWH 'DUDXI JLEW GLH MGLVFKH 6FKULIW HLQH $QWZRUW $VHQHWKKDWVLFKYROONRPPHQEHNHKUWVRGDVV-RVHSKVLHXQHLQJHVFKUlQNW GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG EHUEUFNHQLVW'LHQHXH]ZLVFKHQPHQVFKOLFKH%H]LHKXQJLVWGDUDXVDEOHLWEDUYJO*DO  ZLUGDEHUQLFKWPLWEHJUQGHW'LHVRJVR]LDOH'LPHQVLRQEH]LHKWVLFKKDXSWVlFK OLFK DXI GLH $QWKURSRORJLH YJO GD]X 5 .1,(5,0 +DXSWEHJULIIH I  'HQ VR]LDOHQ $VSHNWGHU5HFKWIHUWLJXQJVWKHRORJLHN|QQWHPDQMDLP5|PHUEULHIILQGHQQLFKWDEHUEHL 3DXOXVVHOEVWZHQQHU¾GLH5HFKWIHUWLJXQJDOOHUGXUFK*ODXEHQ½EHUHLWVLP3URWRNHU\JPD YHUNQGLJWHXQGQXQLQGHP%ULHIDOOHLQEHVWlWLJW'HU*HGDQNH¾DOOH½NDPQlPOLFKLQGHU $XVHLQDQGHUVHW]XQJPLW-XGDLVWHQDOV¾EHLGH-XGHQXQG+HLGHQ½]X:RUW'LH5HFKWIHUWL JXQJVOHKUH HUVFKOLH‰W VLFK LQGLYLGXDOLVWLVFK DEHU GLHV JHKW DXI GDV%HPKHQ GHV 3DXOXV ]XUFNVLFKDXIGLH5HODWLRQ]ZLVFKHQ*RWWXQG0HQVFKHQ]XNRQ]HQWULHUHQ   9JOGLH%HPHUNXQJYRQ7/$$723DXOXVª=XP%XQGHVQRPLVPXVJHK|UHQ DOV(FNSIHLOHU%X‰HXQG6QGHQYHUJHEXQJ©%HL6DQGHUVLVWDOOHUGLQJVGLH6QGHQWKHPD WLNGHP%HJULII%XQGXQWHUJHRUGQHW'HQQDOOHLQLP¾%XQG½JHEHHVNHLQHIUGDV*RWWHV YRONXQVKQEDUH6QGH9JO(36$1'(5633-±

5KPHQDOV6QGHXQGGLHª1HZ3HUVSHFWLYHRQ3DXO©



KHLUDWHQ NRQQWH 6FKRQ LP (LQJDQJ LVW VLFK GLH 6FKULIW GHU 3UREOHPDWLN EHZXVVWZHQQGHU9HUIDVVHU$VHQHWK7RFKWHUHLQHV3ULHVWHUVLQ+HOLRSROLV IROJHQGHUPD‰HQEHVFKUHLEWª8QGGLHVH>VF$VHQHWK@KDWWHQLFKWV*OHLFKHV LP9HUJOHLFK GHU-XQJIUDXHQGHUbJ\SWHUVRQGHUQZDUJHPl‰DOOHQ'LQ JHQ JOHLFKGHQ7|FKWHUQGHU+HEUlHUXQGZDUJUR‰ZLH6DUDXQGZRKOJH VWDOWHW ZLH 5HEHNND XQG VFK|Q ZLH 5DKHO© -RV$V   'RFK $VHQHWK QLPPWDP*|W]HQGLHQVWWHLOXQGEULQJWMHGHQ7DJGHQlJ\SWLVFKHQ*|WWHUQ 2SIHUGDU 6LHIUHXWVLFKQLFKWDOVLKUH(OWHUQ-RVHSKIUHXQGOLFKDXI QHKPHQ ZROOHQ ±  6LH UHDJLHUW MHGRFK Y|OOLJ DQGHUV DOV VLH -RVHSK VHOEVW EHJHJQHW ª,FK VHOEVW  DEHU W|ULFKW XQG YHUZHJHQ YHUDFKWHWH LKQ XQGUHGHWHDUJH:RUWHEHULKQ>«@8QGMHW]WJQlGLJZHUGHPLU+HUUGHU *RWWGHV-RVHSK© 'LHbJ\SWHULQZHLQWELWWHUOLFKXQGNHKUWXPYRQ LKUHQ*|WWHUQGLHVLHYHUHKUWH ,Q5HXH]HUVW|UWVLHDOOH*|W]HQELOGHU XQGZLUIWVLHGXUFKV)HQVWHUZHJ 'LHDQVFKOLH‰HQGH%X‰HHUZHLVW GLH 5HXH GHXWOLFK DOV %HNHQQWQLV LKUHU 6QGH ªGLU ZHUGH LFK EHNHQQHQ PHLQH6QGHQXQG]XGLUZHUGHLFKRIIHQEDUHQPHLQH8QJHVHW]OLFKNHLWHQ© YJOI 1DFKGHP*HEHWGHU$VHQHWKNRPPWHLQ(QJHOYRP +LPPHOKHUDEXQGEHVWlWLJWGLH$QHUNHQQXQJLKUHU%X‰HYJO.DS±  $OV-RVHSK]XUFNNHKUWKHLUDWHWHU$VHQHWKYJO.DS±  )UHLOLFK HUEULQJW -RV$V NHLQHQ 1DFKZHLV GDVV GDV -XGHQWXP GLH 7R UDREVHUYDQ]DOV%HGLQJXQJIUGLH$XIQDKPHLQGDV*RWWHVYRONYHUODQJWH 'HU9HU]LFKWDXI*|W]HQGLHQVWOlVVWVLFKQRFKQLFKWDOV7RUDREVHUYDQ]TXD OLIL]LHUHQGLHYRUGHU(UZlKOXQJ*RWWHVXQGHQNEDULVW(EHQVRZHQLJNDQQ GDV6QGHQEHNHQQWQLVXQGGLH%X‰HYRQ$VHQHWKPLW:HUNJHUHFKWLJNHLWLQ 9HUELQGXQJJHVHW]WZHUGHQ'LH5HDNWLRQGHU+HLGLQZLUGQlPOLFKDOVGLH XQHQWEHKUOLFKH 9RUDXVVHW]XQJ IU LKUH %HNHKUXQJDQJHVHKHQGRFKLQNHL QHU :HLVH DOV HWZDV GHVVHQ VLH VLFK KlWWH UKPHQ N|QQHQ ,QVRIHUQ LVW GLHVH 6FKULIW IU XQV DXIVFKOXVVUHLFK ,Q GHU %HNHKUXQJVVLWXDWLRQ VFKlOW VLFK GLH 6QGHQSUREOHPDWLN DOV PD‰JHEOLFK KHUDXV XQG ]ZDU XQDEKlQJLJ YRQGHU*HVHW]HVSROHPLN'LH%HGHXWXQJGHU%X‰HHUZHLVWVLFKGDULQGDVV $VHQHWK QDFK GHU +RFK]HLW QRFK HLQPDO LKUH 6QGHQ EHNHQQW -RV$V ± ,Q-RV$VZLUGDEHUNHLQH(U|UWHUXQJGDUEHUDQJHVWHOOWZLHHLQ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   -RV$VZLUGDXIGDV-KY&KU±-KQ&KUGDWLHUW9JOGD]X&+% 85&+$5' ¾'DWHDQG3URYHQDQFH½LQ&KDUOHVZRUWK,,I   hEHUVHW]XQJ QDFK &K % 85&+$5' LQ -6+5= ,,    5XQGH .ODPPHUQ LP 2ULJLQDO   ȪʙɄɴʘʙȥʙȤʙȝșȪʙȥțȢȫɁȩɨȥțȨȫȚțȩȥʙȬȣțɄȧȨɅȩȪɂɳȧʙȣțȤȲȮȯȫɁȩɳȦʙȥȚțȩ ȥʙȬ hEHUVHW]XQJ QDFK %XUFKDUG 9JO DXFK  ʞȟʃȪțȚ ȥʙȬ ȣȲȨȢȟ ɌȫȢ ɊȥțȨȫʙȦ ɴȦȳȧȢʛȦ ȪʙȬ ȧʙȤȤɁ ɼȦʛȥȠȪț ȣțɄ ɼȪȘʖȠȪț ȣțɄ ȤȟȤȗȤȠȣț ȧʙȦȠȨɁ ȣțɄ ɏȨȨȠȫț ɴȦȳȧȢʛȦȪʙȬ*ULHFKLVFKHU7H[WQDFK-RVHSKXQG$VHQHWK.ULWLVFKKJY&%XUFKDUG PLW8QWHUVWW]XQJY&%XUIHLQGXQG8%)LQN397*/HLGHQ%RVWRQ   9JOGLH*UXQGSRVLWLRQGHU1HZ3HUVSHFWLYHªREHGLHQFHPDLQWDLQVRQH¶VSRVLWLRQ LQWKHFRYHQDQWEXWLWGRHVQRWHDUQ*RG¶VJUDFHDVVXFK©(36$1'(5633- 



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

0HQVFKGXUFK7RUDREVHUYDQ]GDV6QGHUVHLQEHUZLQGHQNDQQ]XPDOGDV :RUWȦʛȥʙȩLQGHPJDQ]HQ%XFKQLFKWHLQPDOYRUNRPPWYJO 'HU =XVWDQG GHU $VHQHWK YRU LKUHU %HNHKUXQJ ZLUG DSRGLNWLVFK DOV VQGKDIW DQJHQRPPHQRKQHGDVVHUPLWGHP7XQGHV*HVHW]HV±LPDNWLYHQ6LQQH± HWZDV]XWXQKDW-RV$V]HLJWDOVRGHXWOLFKDXI'LH%HNHKUXQJNRPPWRK QH %X‰H XQG 6QGHQEHNHQQWQLV QLFKW DXV .DQQ DEHU QLFKW VFKRQ YRQ HLQHU *HVHW]HVSROHPLN JHVSURFKHQ ZHUGHQ ZHQQ GHU *|W]HQGLHQVW DOV 6QGH QXU PLW +LOIH GHV *HVHW]HV ]X GHILQLHUHQ LVW" 'LH )UDJH LVW HUZl JHQVZHUWDEHUNHLQHVIDOOV]ZLQJHQG'HQQ3DXOXVZHLVWEHUHLWVLP7KHV VDORQLFKHUEULHIGHQ*|W]HQGLHQVW]XUFN7KHVV DOVHVQDFKGHU1HZ 3HUVSHFWLYH DQJHEOLFK QRFK NHLQH *HVHW]HVSROHPLN EHL 3DXOXV JDE 'HU *|W]HQGLHQVWVWHOOWGDEHLNHLQHQ*HJHQEHJULII]XU7RUDREVHUYDQ]GDUGHQQ GLHVHGHXWHWEHU9HUERWHKLQDXVDXIGLHDNWLYH(UIOOXQJGHV*HVHW]HVKLQ :LUN|QQHQLPPHUKLQIHVWKDOWHQ'LH6QGHQSUREOHPDWLNLVWNHLQH6XEND WHJRULH GHV *HVHW]HV VRQGHUQ .HUQSXQNWGHU %HNHKUXQJVVLWXDWLRQ GLHEHL GHU1HZ3HUVSHFWLYHEHUVHKHQZRUGHQLVW  'LHQHXH'HILQLWLRQGHU6QGH5|P  +DEHQ ZLU IHVWJHVWHOOW GDVV GLH 1HZ 3HUVSHFWLYH GLH 6QGHQSUREOHPDWLN QLFKW KLQOlQJOLFKEHOHXFKWHQ NDQQVRNRPPW QXQ5|P LQ %HWUDFKW $QGLHVHU6WHOOHZLUGHLQH6QGHLQQHJDWLYHU:HLVHGHILQLHUWXQGGHVKDOE PLWEUHLWHUHP6SHNWUXPDQJHGHXWHW8QWHU6QGHZLUGQLFKWPHKUHLQ)HKO WULWWRGHUHLQHhEHUWUHWXQJYHUVWDQGHQVRQGHUQYLHOPHKUDOOH+DQGOXQJHQ GLHRKQH5FNVLFKWDXI*ODXEHQʙɿȣɴȣȧȚȪȫȟȯȩ DXVJHIKUWZHUGHQ=LH KHQZLUGHQ.RQWH[WYRQ5|PLQ(UZlJXQJXPGHQ6LQQGHU$XVVDJH JHQDXHU]XHUIDVVHQ'LHSDXOLQLVFKH3DUlQHVHNQSIWDQGHQ6WUHLWXPGLH 6SHLVHQLQ.RUDQ-XGHQFKULVWHQLQGHU*HPHLQGHGUIHQQLFKWGDVHV VHQ ZDV LQ GHQ 6SHLVHJHERWHQ XQWHUVDJW LVW 'LHV ZLUG ]XP *UXQG GHV .RQIOLNWV GD +HLGHQFKULVWHQ HV YRUEHKDOWORV HVVHQ N|QQHQ 'LHV PDFKW PHKUHUH $VSHNWH DQVFKDXOLFK (UVWHQV LVW GLH 6QGHQSUREOHPDWLNEHL 3DX OXVQLFKWYRP*HVHW]DEKlQJLJ'LH7KHPDWLNJHKWEHUGLH*HVHW]HVSROH PLNKLQDXVGHQQGHU$SRVWHOJHKWQLFKWPLW-XGHQVFKDUILQV*HULFKWGLH DXIJUXQG LKUHU 7RUDREVHUYDQ] +HLGHQ YHUDFKWHQ VRQGHUQ JHUDGH PLW GHQ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   'LH ɴȦȫʙȤș WDXFKWHLQPDO LQ  DXI XP EHU GLH7UHXH GHV-RVHSK ]X EHULFKWHQ 9v;ɴȥȘȥȦȠȫʙȫʌȦɴȦȫʙȤʌȦȫʙʊȧțȫȨɅȩțɿȫʙʊ   'LH 6QGHQSUREOHPDWLN VSLHOW LQ DQGHUHQMGLVFKHQ 4XHOOHQ DXFK HLQH EHGHXWHQGH 5ROOH9JO')$/.3VDOPVDQG3UD\HUVLQ'$&DUVRQHWDOHG -XVWLILFDWLRQDQG 9DULHJDWHG1RPLVP,±9JO&+:(7=(URVXQG%HNHKUXQJ$QWKURSRORJLVFKHXQG UHOLJLRVJHVFKLFKWOLFKH 8QWHUVXFKXQJHQ ]X ª-RVHSK XQG $VHQHWK© 172$6W817  *|WWLQJHQ  ± ZREHL GLH %HNHKUXQJ $VHQHWKV LP =XVDPPHQKDQJ PLW LKUHP ¾.OHLGHUZHFKVHO½JHGHXWHWZLUG   9JO'811*DOI+5b,6b1(1/DZ±

5KPHQDOV6QGHXQGGLHª1HZ3HUVSHFWLYHRQ3DXO©



DERYRYRP*HVHW]IUHLHQ+HLGHQ'LH,URQLHGDVVGLH+HLGHQGLHHLQPDO DOV 6QGHU JDOWHQ QXQ GLH -XGHQ EHXUWHLOHQ ]HLJW HLQGHXWLJ 3DXOXV JHKW QLFKWYRQGHP*HVHW]KHUDXIGLH6QGHHLQYJO† =ZDUYHUZHQ GHW 3DXOXV PLW ȧȷȦȞɂ ɹʙɿȣɴȣȧȚȪȫȟȯȩHLQHQ 7DWEHJULII DEHUKLHUZLUG GHQQRFKGHU%HJULII6QGHQLFKWDOVhEHUWUHWXQJGHVPRVDLVFKHQ*HVHW]HV DXIJHIDVVWYJO7KHVV.RU5|P  =ZHLWHQV VSLHOW GLH 6QGHQSUREOHPDWLN LQ 5|P  DXI GHQ $XV JDQJVSXQNW GHV SDXOLQLVFKHQ (YDQJHOLXPV DQ (V LVW DXIVFKOXVVUHLFK ]X IUDJHQ ZRKHU GLH 9HUELQGOLFKNHLW GLHVHU QHXHQ $XVVDJH NRPPW 3DXOXV NRQWUDVWLHUW GLH 6QGH PLW GHP *ODXEHQ QlPOLFK PLW GHU +HLOVJUXQGODJH VHLQHU&KULVWHQ5|PFNDQQDOVRDOOHLQXQWHUGHU9RUDXVVHW]XQJVR HLQGULQJOLFKZLUNHQGDVVGLH6QGHXQYHUNHQQEDUGHQYRUFKULVWOLFKHQ=X VWDQG DXIZHLVW GHQ GLH SDXOLQLVFKHQ &KULVWHQ QLH ZLHGHU HLQQHKPHQ N|Q QHQ YJO .RU  *DO   'LHV NDQQ DEHU GLH 1HZ 3HUVSHFWLYH QXU VFKZHUOLFK YHUDQVFKDXOLFKHQ ]XPDO VLH YRQ GHP *HVHW] KHU DXI GLH 6QGH HLQJHKW '811 PDFKW LP +LQEOLFN DXI GHQ 8QLYHUVDOLVPXV LP 5| PHUEULHI JHOWHQG ª¾$OO½ LV RQH RI WKH UHDOO\ NH\ ZRUGV LQ 5RPDQV >«@ 3DXO PXVW KDYH LQWHQGHG WR EUHDN GRZQ WKH SUHVXSSRVLWLRQ RQ WKH SDUW RI KLV IHOORZ -HZV WKDW WKH\ ZHUH LQ D SULYLOHJHG SRVLWLRQ EHIRUH *RG RYHU DJDLQVWWKHQRQ-HZLVKQDWLRQV©6RVHKUGLH5HFKWIHUWLJXQJGHP6QGHU VHLQ HQWJHJHQVWHKW VRVHKU HUKHEHQ VLFK JUXQGOHJHQGH )UDJHQ :DV KlWWH 3DXOXV GDQQ XQWHU-XGHQ JHSUHGLJW DOV HU LKQHQ QRFK QLFKW SROHPLVFK EH JHJQHWH":DUXPVROOWHGHU8QLYHUVDOLVPXVXQEHGLQJWGDVMGLVFKH3ULYLOHJ YRUDXVVHW]HQZHQQLQGHUMGLVFKHQ9RUVWHOOXQJEHUHLWVJHOlXILJZDUGDVV ¾DOOH6QGHUVLQG½":LHNDQQ'8115|PDXI±EH]LHKHQ ZHQQJOHLFKMHQH6WHOOHGDVKHLGQLVFKH9RUUHFKWHEHQIDOOVNRQWUROOLHUHQZLOO" 'LHVHQHXH'HILQLWLRQGHU6QGHEH]LHKWVLFKP(NODUDXIGLHDOOJH PHLQH6QGKDIWLJNHLWMHGRFKQLFKWDOVVSlWHUH$SRORJHWLNIU+HLGHQVRQ GHUQ DOV GLHMHQLJH LP SDXOLQLVFKHQ 3URWRNHU\JPD ZR 3DXOXV EHUHLWV VR ZRKO -XGHQ DOV DXFK +HLGHQ DOV 6QGHU EHVFKXOGLJW KDW +LQJHJHQ ]HLJW VLFKEHL'811ZLHGHUXPGLH1HLJXQJDSRGLNWLVFKGLH6RWHULRORJLH]XEH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   *HJHQ'8117KHRORJ\±GHUJHOWHQGPDFKWGDVVGDV5KPHQKDXSWVlFK OLFK-XGHQEHWUHIIH-HGRFKN|QQHQVLFKDXFK+HLGHQUKPHQZLHGLH.RULQWKHUGLHVJXW H[HPSOLIL]LHUHQ   9JO5%8/70$113UREOHP   -'*'8113DXODQG-XVWLILFDWLRQE\)DLWK   $XFK JHJHQ 7 / &$57(5 3RZHU I:DUXP VFKXOGLJW3DXOXV QLFKW DOOHLQ -X GHQ DQ VRQGHUQ NULWLVLHUW DXFK +HLGHQ VR KDUW YJO 5|P ± ±  ZHQQ HU ZLUNOLFKLKUH9HUWHLGLJXQJLP%OLFNKDWWH"'HU*HGDQNHGHUDOOJHPHLQHQ6QGKDIWLJNHLW LVW GRFK QLFKW W\SLVFK SDXOLQLVFK (V LVW DEZHJLJ DXIJUXQG GHU *HVHW]HVSROHPLN GDV ([RUGLXPGHV5|PHUEULHIHVDQVLFKDOVVSlWHUH$SRORJHWLN]XTXDOLIL]LHUHQ   ' 8115RP,,9JO '(567KHRORJ\



7HLO,,6QGHXQG1LFKWDQUHFKQXQJVWKHRORJLHGHV3DXOXV

WRQHQLQGHPHULKUHDQWKURSRORJLVFKH9RUDXVVHW]XQJHUKHEOLFKYHUQDFKOlV VLJW  'HU *HGDQNH GDVV GHU 0LVVEUDXFK GHU )UHLKHLW ]XU 6QGH IKUW NDQQ QXQPLWGHU3RVLWLRQ %8/70$11VYHUJOLFKHQZHUGHQGLHDOOHV5KPHQDOV 6QGHEHVWLPPW3DXOXVVDJWHWZDV9HUJOHLFKEDUHVMHGRFKDQNHLQHU6WHOOH DXV,VWGLH,QWHUSUHWDWLRQ%8/70$11VVRPLWDOV(LVHJHVH]XUFN]XZHLVHQ" =XQlFKVW KDEHQ ZLU GLH 7DWVDFKH ]X EHDFKWHQ GDVV GDV MGLVFKH 5KPHQ NHLQHVZHJV UHLQ VXEMHNWLYHQ 6WRO] E]Z HLQ hEHUOHJHQKHLWVJHIKO YHUUlW 'DV MGLVFKH 6HOEVWYHUVWlQGQLV UXIW QLFKW QXU GLH ,OOXVLRQ KHUYRU ,VUDHO KDEH GLH *HUHFKWLJNHLW HUUHLFKW (V KDW GDUEHU KLQDXV GLH *HUHFKWLJNHLW GXUFK *ODXEHQ EHVWULWWHQ GLH DXFK +HLGHQ ]X]XVSUHFKHQ LVW YJO 5|P ±   -XGHQ YHUDFKWHQ GLH *HUHFKWLJNHLW LQ &KULVWXV LQGHP VLH VLFK HLQELOGHQ GLH *HUHFKWLJNHLW LP *HVHW] ]X EHVLW]HQ YJO 3KLO ±  'DVV-XGHQGDUDXIKLQGLH+HLGHQPLVVLRQYHUKLQGHUQPDFKWGDV0D‰LKUHU 6QGHQ YROO YJO 7KHVV   'DV MGLVFKH 5KPHQ GLHQW NXU]XP DOV *UXQG IU GLH %HKDXSWXQJ GDVV VLH GLH +HLOVJHVFKLFKWH *RWWHV XQG GHQ ZDKUHQ=ZHFNGHV*HVHW]HVYHUIHKOHQ (EHQVRZHQLJVLQGDEHUDXFK+HLGHQFKULVWHQGD]XEHUHFKWLJWLKUH0LW FKULVWHQMGLVFKHU+HUNXQIW]XYHUDFKWHQYJO5|P± 6RIHUQ3DX OXVDXVGHP6QGHQEHJULII±VHLQHPVRWHULRORJLVFKHQ$XVJDQJVSXQNW±GLH HWKLVFKH 9HUDQWZRUWXQJ DEOHLWHW N|QQHQ ZLU GLH %HPHUNXQJ %8/70$11V IU DQJHEUDFKW KDOWHQ GDVV GDVȣțȬʚȷȪʝțȢ HLQHV 0HQVFKHQ ± VHL HV -XGH RGHU +HLGH ± 6QGH LVW )UHLOLFK JLOW 5|P  QLFKW DOV VFKOVVLJHU %H ZHLVJHJHQGLH1HZ3HUVSHFWLYHDEHUGLH6WHOOHGLHQWLPPHUKLQDOVDXVUHL FKHQGHV ,QGL] GDIU GDVV GLH 6FKXOH GLH +DPDUWLRORJLH XQG 6RWHULRORJLH GHV3DXOXVXQGGHV-XGHQWXPVQLFKWGXUFKJlQJLJRIIHQOHJHQNDQQ  

)D]LW

 0HLQHREHQJHEWH.ULWLNDQGHU1HZ3HUVSHFWLYHEHVWUHLWHWNHLQHVZHJVLKU 9HUGLHQVW DQ VLFK 'LH 6FKXOH HUQWHW EHNDQQWOLFK YLHO %HLIDOO ZHLO VLH GDV -XGHQWXP YRQ GHP OXWKHULVFKHQ (WLNHWW ª5HOLJLRQ GHU :HUNJHUHFKWLJNHLW© UHKDELOLWLHUW KDEHQ VROO -HGRFK PXVV PDQ IUDJHQ RE GLH 7KHVHQ GHU 1HZ 3HUVSHFWLYH GDV -XGHQWXP XQG GDV &KULVWHQWXP LQ HLQHU .RQVWHOODWLRQ EH OHXFKWHQ N|QQHQ LQ GHU GLH QHXH 6WHOOXQJ GHU +HLGHQ NHLQHQ UHLQHQ 9HU JOHLFK PLW MGLVFKHQ 4XHOOHQ ]XOlVVW 'DUDXIKLQ ZXUGH GHU 7HVWIDOO ª5K PHQ*HVHW]6QGH© JHQRPPHQXQGVHLQHU5HLKHQIROJHQDFKGDKLQJHKHQG EHUSUIW ZLH GLH QHXH $QVLFKW GDV SDXOLQLVFKH 'HQNHQ LQ WRWR HQWIDOWHW 8QVHU (UJHEQLV'LH 1HZ 3HUVSHFWLYH ELHWHW HLQ YHUKlOWQLVPl‰LJ VWLFKKDO WLJHV (UNOlUXQJVPRGHOO LQ HLQLJHQ )lOOHQ DEHU QLFKW LQ DOOHQ 6LH EHUFN VLFKWLJW QLFKW KLQOlQJOLFK GDV 7KHPD ¾+HLGHQPLVVLRQ½ GDV YHUVWlQGOLFKHU

5KPHQDOV6QGHXQGGLHª1HZ3HUVSHFWLYHRQ3DXO©



ZHLVH LQ DOOJHPHLQHQ MGLVFKHQ 4XHOOHQ NHLQH (UZlKQXQJ ILQGHW ,QGHP GLH1HZ3HUVSHFWLYHGLHSDXOLQLVFKH6RWHULRORJLHDXIDSRORJHWLVFKHU(EHQH EHKDQGHOWEOHLEWGLH6QGHQSUREOHPDWLNGLHGHU*UXQGVWHLQ]XUXUFKULVWOL FKHQ0LVVLRQZDUDX‰HU%HWUDFKW'LH)UDJHVWHOOXQJGHU1HZ3HUVSHFWLYH 6FKXOHLVWLQYLHOHUOHL+LQVLFKWEHDFKWHQVZHUWDEHUVLHELHWHWNHLQH$OWHUQD WLYH]XPlOWHUHQ9HUVWlQGQLV 

G

   

7HLO,,,





6QGHXQG%HIUHLXQJVWKHRORJLH  GHV3DXOXV

G

   

'LHSDXOLQLVFKH3HUVRQLILNDWLRQGHUɨȥțȨȫȚț  XQGLKU+LQWHUJUXQG

  )UGDVSDXOLQLVFKH6QGHQYHUVWlQGQLVLVWHVFKDUDNWHULVWLVFKGDVV3DXOXV LQ5|P±GLH ɨȥțȨȫȚțDOVHLQHYHUVNODYHQGH0DFKWGDUVWHOOW'LHVH(U VFKHLQXQJ IlOOW GHVZHJHQ LQV $XJH ZHLO GHU $SRVWHO LQ GHPVHOEHQ %ULHI QRFK DQ GHP 7DWEHJULII IHVWKlOW (V EHVWHKHQ MD HLQLJH 9HUVXFKH GHQ 7DW E]Z0DFKWFKDUDNWHU]XP.RPSURPLVV]XYHUHLQLJHQRGHUHLQHQYRQLKQHQ ]XEHWRQHQGHQQRFKVLQGGLHVH'HXWXQJHQP(QLFKWEHIULHGLJHQG6WHKW KLQWHU GHQ XQWHUVFKLHGOLFKHQ $VSHNWHQ QLFKW HLQH EHVRQGHUH $EVLFKW GHV $XWRUV",QGHU3DXOXVIRUVFKXQJEHUZLHJW]ZDUGHU.RQVHQVGDVVGLHSDX OLQLVFKH3HUVRQLILNDWLRQGHUɨȥțȨȫȚțDX‰HUEHLLKPQLUJHQGZREH]HXJWLVW DEHUHVEOHLEWRIIHQREVLHQXULP5|PHUEULHIRGHULQVHLQHUJHVDPWHQ*H GDQNHQZHOW ]X ILQGHQ LVW ,Q GLHVHP .DSLWHO ZHUGHQ GLH (LJHQWPOLFKNHLW XQGGHU+LQWHUJUXQGGHUSDXOLQLVFKHQ3HUVRQLILNDWLRQGHUɨȥțȨȫȚțHU|UWHUW  

3HUVRQLILNDWLRQDOV'DUVWHOOXQJVWHFKQLNLQGHU$QWLNH

 'LH 8QWHUVXFKXQJ GHU SDXOLQLVFKHQ 3HUVRQLILNDWLRQ VROO YRU DOOHP GXUFK GHUHQ 'HILQLWLRQ JHVLFKHUW ZHUGHQ :LU ZROOHQ EHUSUIHQ LQ ZHOFKHP 6LQQHXQGLQZLHZHLW GLHɨȥțȨȫȚțEHL3DXOXVSHUVRQLIL]LHUWZLUG,QYLHOHQ )lOOHQ VHW]HQ /HVHU HLQHQ %HJULII LQ HLQHP %ULHI RKQH ZHLWHUHV PLW GHP VHOEHQ%HJULIILQHLQHPDQGHUHQ%ULHIJOHLFKRKQHGLH'LIIHUHQ]HQ]XEH DFKWHQ 6R YHUVFKZLQGHW GHU GLDFKURQH +RUL]RQW XQG HV ZLUG QRWZHQGL JHUZHLVHDQJHQRPPHQGDVVVLFK3DXOXVPLWGHP%HJULIIɨȥțȨȫȚțEHIDVVW KDEH DOV KDEH HU HLQH IHVWH 6QGHQOHKUH HQWZLFNHOW 8P GLHVHV 5LVLNR P|JOLFKVW ]X YHUPHLGHQ ZHQGHQ ZLU XQV HLQHU 7HFKQLN LP 5DKPHQ GHU DQWLNHQ5KHWRULN]X    GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   * 5g+6(5 0HWDSKRULN  + 80%$&+ ,Q &KULVWXV JHWDXIW ± 7 / &$57(53RZHU±++$*(12:*HPHLQGH±   -'*'8117KHRORJ\):+251.RULQWKHU±HLQH[HJHWLVFKHU6WDFKHO =1: -(:(775RPI



7HLO,,,6QGHXQG%HIUHLXQJVWKHRORJLHGHV3DXOXV

'HU%HJULIIGHU3HUVRQLILNDWLRQ ,P$OOJHPHLQHQ ZLUGXQWHU3HUVRQLILNDWLRQHLQH'DUVWHOOXQJVWHFKQLNYHUVWDQGHQPLWGHU NRQNUHWH6DFKHQRGHUDEVWUDNWH%HJULIIHDOV5HGHQGHXQG+DQGHOQGHJH]HLFKQHWZHUGHQ 'LH KHOOHQLVWLVFKH 5KHWRULN QDQQWH GLHVH 7HFKQLN ȧȨʙȪȯȧʙȧʙȢȚț GLH VFKRQ VHLW +RPHU DOVDOOHJRULVFKHV5HGHQEHLYLHOHQ$XWRUHQ$QZHQGXQJIDQG'LH3URVRSRLLHDOVUKHWRUL VFKHV0LWWHOGLHDXIGLH+HUVWHOOXQJHLQHUILNWLYHQ3HUVRQ]LHOWHZXUGHLQ7UDJ|GLHXQG .RP|GLH JOHLFKHUPD‰HQ EHOLHEW )UHLOLFK NDQQ LP DOOJHPHLQHUHQ 6LQQH DXFK YRQ GHU SHUVRQLILFDWLR JHVSURFKHQ ZHUGHQ GLH LQ GHU $QWLNH XQG DXFK KHXWH 1DWXU 'LQJH XQG $EVWUDNWD PLW PHQVFKOLFKHQ *HIKOHQ EHJDEW 3HUVRQLILNDWLRQ EOHLEW QLFKW DXI GHQ %H UHLFKGHU'LFKWXQJXQG.XQVWEHVFKUlQNW*ULHFKHQEHQXW]WHQGLH3HUVRQLILNDWLRQLP.XOW ]XU9HUJ|WWOLFKXQJ5|PHUWDWHQGLHVQRFK|IWHU'LH3HUVRQLILNDWLRQLVWHLQ8QWHUEHJULII GHU 7URSHQ GLH DOOH :HQGXQJHQ LP XQHLJHQWOLFKHQ XQG EHUWUDJHQHQ 6LQQH EHWUHIIHQ 'LHVH 5KHWRULN ]LHOW DXI HLQHQ IULVFKHQ $XVGUXFN DE LQGHP VLH HLQH (UNHQQWQLV |IIQHW 'DKHUEULQJWHLQ7URSXVXQDXVZHLFKOLFKHLQH9HUIUHPGXQJPLWVLFK,VWGLH9HUIUHPGXQJ DEHU]XJUR‰VRGDVVGLH$EVLFKWGHV5HGHQGHQQLFKWYHUPLWWHOWZLUGGDQQYHUVFKZLQGHW GHU (IIHNW GHV 7URSXV 'DV LVW GHU *UXQG ZDUXP 7URSHQ ± EHVRQGHUV 0HWDSKHUQ ± YRQ LKUHP .RQWH[W DEKlQJLJ VLQG =X 7URSHQ JHK|UHQ IROJHQGH 7HFKQLNHQ L  0HWDSKHU ± *HEUDXFKHLQHV:RUWHVPLWEHUWUDJHQHP6LQQZREHLHVQLFKWQXUGDVHLJHQWOLFKJHPHLQ WH:RUWHUVHW]WVRQGHUQDXFKPLWGLHVHPJOHLFKJHVHW]WZLUGLL .DWDFKUHVH±(LQHEHVRQ GHUH0HWDSKHUGLHHLQHOH[LNDOLVFKH/HHUVWHOOHDXVIOOW]%ODWªSHV©VRZRKO¾)X‰½DOV DXFK ¾9HUVIX‰½  LLL  9HUJOHLFK ± +HUVWHOOXQJ HLQHU %H]LHKXQJ ]ZLVFKHQ 6DFKYHUKDO WHQ:LUNOLFKNHLWVEHUHLFKHQ PLW HLQHU DXVGUFNOLFKHQ 9HUJOHLFKVSDUWLNHO ] % ɲȩ  LY 0HWRQ\PLH±(UVHW]XQJHLQHV%HJULIIVGXUFKHLQHQDQGHUHQGHU]XLKPLQHLQHUORJL VFKHQ RGHU IDNWLVFKHQ %H]LHKXQJ VWHKW Y  3HUVRQLILNDWLRQ YL  /LWRWHV ± 8PVFKUHLEXQJ HLQHVSRVLWLYHQ%HJULIIVGXUFKGLH1HJDWLRQVHLQHV*HJHQWHLOVYLL ,URQLH±%H]HLFKQXQJ HLQHV 6DFKYHUKDOWHVGXUFK VHLQ *HJHQWHLO YLLL  (XSKHPLVPXV±%HVFK|QLJHQGH%H]HLFK QXQJ HLQHV XQDQJHQHKPHQ RGHU DQVW|‰LJHQ 6DFKYHUKDOWV L[  +\SHUEHO ± hEHUWUHLEHQGHU $XVGUXFNPLWGHP=LHOGHU$XVGUXFNVYHUVWlUNXQJ[ $G\QDWRQ±3HULSKUDVHGHV%HJULIIV ¾QLHPDOV½RGHU¾XQP|JOLFK½ $XV GLHVHU %HJULIIVEHVFKUHLEXQJ WULWW GHXWOLFK KHUYRU GDVV DXFK GLH 3HUVRQLILNDWLRQ DOV HLQ VHOEVWlQGLJHV UKHWRULVFKHV 0LWWHO ]X EHJUHLIHQ LVW GDV LQ GHU DQWLNHQ *HGDQNHQ ZHOWZXU]HOW,QGHU$QWLNHILQGHWGLH3HUVRQLILNDWLRQKlXILJHU$QZHQGXQJDOVKHXWH'DV JHKW ZRKO GDUDXI ]XUFN GDVV GLH DQWLNH :HOW LQ JHZLVVHU +LQVLFKW SHUVRQDO YRUJHVWHOOW ZXUGH$XFKGDV$OWH7HVWDPHQWZHLVWDQYLHOHQ6WHOOHQ3HUVRQLILNDWLRQHQDXI$OV%HL VSLHOHVHLHQ)ROJHQGH JHQDQQWL %UXQQHQª'DPDOVVDQJ,VUDHOGLHVHV/LHG6WHLJHKHU DXI%UXQQHQ6LQJWLKP]X©1XP LL %HUJHª,KU%HUJHYRQ*LOERDQLFKW7DX QRFK5HJHQIDOOHDXIHXFKLKU%HUJHGHV7RGHV©6DP LLL +LPPHOª+RUFKWDXI LKU +LPPHO LFK ZLOO UHGHQ XQG GLH (UGH K|UH GLH :RUWH PHLQHV 0XQGHV© 'WQ  GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   $% (1'/,1$UW3HUVRQLILNDWLRQ'13,;.6&+()%2/'$UW3HUVRQLILNDWL RQ/$:   $% (1'/,13HUVRQLILNDWLRQ   (EG9JOQRFK.5(,1+$5'73HUVRQLILNDWLRQXQG$OOHJRULHLQ'HUV9HUPlFKW QLVGHU$QWLNHKJY&%HFNHU*|WWLQJHQ   &+ : $/'( $UW7URSHQ'13   6 GD]X 0 /$1')(67(5 (LQIKUXQJ LQ GLH 6WLOLVWLN GHU JULHFKLVFKHQ XQG ODWHLQL VFKHQ/LWHUDWXUVSUDFKHQ'DUPVWDGW±   7%/:(%67(53HUVRQLILFDWLRQDVD0RGHRI*UHHN7KRXJKW-:&,  

'LHSDXOLQLVFKH3HUVRQLILNDWLRQGHUɨȥțȨȫȚțXQGLKU+LQWHUJUXQG



lKQOLFK -HV  -HU   LY  6FKZHUW ª:DFK DXI 6FKZHUW JHJHQ PHLQHQ +LUWHQ XQG JHJHQGHQ0DQQGHUPHLQ*HIlKUWHLVW©6DFK Y *QDGHXQG7UHXHª*QDGHXQG 7UHXHEHKWHQGHQ.|QLJXQGGXUFK*QDGHVWW]WHUVHLQHQ7KURQ©6SU -HGRFK XQWHUVFKHLGHWVLFKGLH3HUVRQLILNDWLRQLP $OWHQ7HVWDPHQWYRQGHUJULHFKLVFKU|PLVFKHQ GDULQGDVVGLHHUVWHUHZHJHQGHUPRQRWKHLVWLVFKHQ:HOWDQVFKDXXQJQLHPDOV]XU9HUJ|WW OLFKXQJGHVSHUVRQLIL]LHUWHQ*HJHQVWDQGHVIKUW%HGHXWVDPLVWLP $OWHQ7HVWDPHQWYRU DOOHP GLH 3HUVRQLILNDWLRQ EHVWLPPWHU %HJULIIH GHU *HLVW *RWWHV +L  3UHG  5L    XQG GLH :HLVKHLW 6SU ± 3V  6LU  6DS6DO   'LHVH %HJULIIH ZHUGHQVLFKHUQLFKW]XVWLOLVWLVFKHQ=ZHFNHQSHUVRQLIL]LHUWVRQGHUQDXIJUXQGEHVRQGHUHU WKHRORJLVFKHU $EVLFKWHQ :HQQ GLHVH +\SRVWDVLHUXQJHQ ZLFKWLJH WKHRORJLVFKH $QVlW]H ELHWHQVRN|QQWHDXFKGLH3HUVRQLILNDWLRQEHL3DXOXVDOV6FKOVVHOVHLQHU7KHRORJLHJHO WHQ

 3HUVRQLILNDWLRQXQG0HWDSKHU

'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ 3HUVRQLILNDWLRQ XQG 0HWDSKHU LVW JUXQGOH JHQG IU XQVHUH 'LVNXVVLRQ ZHQQJOHLFK GLHVH $XIJDEH DXI GHQ HUVWHQ %OLFNQLFKWVRVFKZLHULJHUVFKHLQW+LQVLFKWOLFKGHUSDXOLQLVFKHQ3HUVRQLIL NDWLRQ GHU ɨȥțȨȫȚț LUUHQ VLFK YLHOH GHQQRFK GDULQ GDVV VLH YRQ GHQ PLW HLQHU 0HWDSKHU ]XVDPPHQKlQJHQGHQ $XVGUFNHQ DXI GLH 3HUVRQLILNDWLRQ IROJHUQ ZROOHQ 'DUEHU KLQDXV VLQG GLH %HJULIIH EHL PDQFKHQ ([HJHWHQ QLFKW HLQGHXWLJ XQWHUVFKLHGHQ VR GDVV GLHVH HLQ NODU SHUVRQLIL]LHUWHV 6Q GHQELOGQXUGHPPHWDSKRULVFKIRUPXOLHUWHQ7DWEHJULII]XVFKUHLEHQ:DVLVW GDQQGHU8QWHUVFKLHG]ZLVFKHQ0HWDSKHUXQG3HUVRQLILNDWLRQ"(LQH0HWD SKHUKDWLPPHUHLQHQ%LOGHPSIlQJHU%H]HLFKQHWHV XQGHLQHQ%LOGVSHQGHU %LOG  'DEHL PXVVGHU%LOGVSHQGHULP EHUWUDJHQHQ6LQQH ªQLFKW QXUGDV HLJHQWOLFKJHPHLQWH:RUWHUVHW]HQVRQGHUQDXFKPLWGLHVHPJOHLFKJHVHW]W ZHUGHQ© )UHLOLFK NDQQ HLQH 0HWDSKHU PLW +LOIH HLQHV $WWULEXWHV RGHU HLQHV3UlGLNDWLYVDXFKELOGKDIWHQ&KDUDNWHUDQQHKPHQª$QDUJXPHQWDWLYH PHORG\©RGª'HU9RUVLW]HQGHSIOJWHGXUFKGLH'LVNXVVLRQ©$XFKZHQQ ZLUYRQªHLQHUVWUHLWOXVWLJHQ0HORGLH©VSUHFKHQEH]LHKWVLFKGLH0HWDSKHU RKQH =ZHLIHO QLFKW DXI GLH 3HUVRQLILNDWLRQ GHU 0HORGLH VRQGHUQ DXI LKUH EHVRQGHUH(LJHQVFKDIW'DVVHLQ/HEHZHVHQDOV%LOGVSHQGHUQLFKWQRWZHQ GLJHUZHLVHHLQH3HUVRQLILNDWLRQYRUDXVVHW]WNDQQLVWVFKRQEHL4XLQWLOLDQ HLQHP DQWLNHQ 5KHWRULNHU ]X HUNHQQHQ 1DFK 4XLQWLOLDQ NDQQ HLQH 0HWD SKHU DXV HLQHP %HOHEWHQ DQLPD  XQG HLQHP 8QEHOHEWHQ LQDQLPD  ± DOVR YLHU .RPELQDWLRQHQ ± EHVWHKHQ LQVW 9,,,   :LFKWLJ LVW QLFKW GHU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   3 +(,1,6&+ 3HUVRQLILNDWLRQHQ XQG +\SRVWDVHQ LP $OWHQ 7HVWDPHQW XQG LP $OWHQ 2ULHQW%=IU)    0/$1')(67(56WLOLVWLN   0 % /$&. 'LH 0HWDSKHU LQ $ +DYHUNDPS +J  7KHRULH GHU 0HWDSKHU 'DU PVWDGW±   2EZRKO 3DXOXV VFKUHLEW ªGDV *HVHW] VDJW© 5|P   ªLKU *HZLVVHQ ]HXJW© 5|P NDQQGRUWQLFKWYRQGHU3HUVRQLILNDWLRQJHVSURFKHQZHUGHQGHQQHVLVWYRP .RQWH[WKHUNODUGDVVGHU$SRVWHOPHWDSKRULVFKDUJXPHQWLHUW



7HLO,,,6QGHXQG%HIUHLXQJVWKHRORJLHGHV3DXOXV

Z|UWOLFKH 6LQQ GHV %LOGVSHQGHUV VRQGHUQ VHLQ EHUWUDJHQHU 6LQQ XQG GLH /RJLNGLH]XHLQHPQHXHQ%LOGIKUHQ$EHUNHLQH3HUVRQLILNDWLRQEHVWHKW GDULQGDVVGHUZ|UWOLFKH6LQQGHV%LOGVSHQGHUVHLQIDFKPLWHLQHPOHEHQGL JHQ :HVHQ LQ %H]LHKXQJ VWHKW 'DKHU NDQQ YRQ GHU 3HUVRQLILNDWLRQ GHU 6QGH QXU GDQQ JHVSURFKHQ ZHUGHQ ZHQQ VLH DOV VHOEVWlQGLJH 3HUVRQD GDUJHVWHOOW ZLUG 'DJHJHQ KlQJWGLH 'HXWXQJ HLQHU0HWDSKHU QRFK VWlUNHU YRQGHP.RQWH[WDEXQGGHU$XVOHJHUPXVVGHU%H]LHKXQJ]ZLVFKHQZ|UW OLFKHP 6LQQ XQG EHUWUDJHQHP 6LQQ %HDFKWXQJ VFKHQNHQ ,P *HJHQVDW] GD]X KDW HLQH 3HUVRQLILNDWLRQ NHLQHQ %LOGVSHQGHU 'DVV HLQ *HJHQVWDQG SHUVRQLIL]LHUWZLUGLVWLP5DKPHQGHU$XVVDJHNODUGHQQGLH3HUVRQLILND WLRQLVWPHLVWGXUFKGDVYRQGHP6XEMHNWUHJLHUWH9HUEJHNHQQ]HLFKQHWGHU .RQWH[W PDFKW YRU DOOHP GHXWOLFK ZRUDXI GHU 6FKUHLEHU DE]LHOW 6HOEVW YHUVWlQGOLFK N|QQHQ 0HWDSKHU XQG 3HUVRQLILNDWLRQ JHPLVFKW EHQXW]W ZHU GHQ ] % ª2K 6WUHLWOXVWLJH 0HORGLH GX KDVWPLFK HUREHUW© 'HQQRFK LVW VRIRUW HUNHQQEDU GDVV GLH 3HUVRQLILNDWLRQ QLFKW GLUHNW YRQ GHU 0HWDSKHU DEJHOHLWHWLVW 'LHVH 8QWHUVFKHLGXQJ LVW QRWZHQGLJ ZHLO ZLU PLW GHU 3HUVRQLILNDWLRQ LQ *DO  XQG .RU  XPJHKHQ PVVHQ * 5g+6(5 YHUVXFKW DXI UKHWRULVFKHU(EHQHGLHSDXOLQLVFKH3HUVRQLILNDWLRQLQGHU7DWVSKlUH]XGHX WHQ$OOHUGLQJVEHUVLHKWHUGLH8QWHUVFKLHGH]ZLVFKHQ0HWDSKHUXQG3HU VRQLILNDWLRQ XQG EHQXW]W VWDWWGHVVHQ GLH 7HUPLQRORJLH ¾0HWDSKRULN½ GLH PHLVWPLW0HWDSKHUYHUPHQJWZLUGDEHUPDQFKPDOVRJDUGLH3HUVRQLILND WLRQ]XXPIDVVHQVFKHLQW(UHUZlKQWDXVELEOLVFKHQXQGDX‰HUELEOLVFKHQ 4XHOOHQYLHOH%HLVSLHOH±ZLH6QGHDOV¾/DVW½RGHU¾6FKPXW]½±DEHUNHL QHV GDV PLW GHU SDXOLQLVFKHQ 3HUVRQLILNDWLRQ ]X YHUJOHLFKHQ LVW 6HLQH )ROJHUXQJ GDVV ªGDV SHUVRQLIL]LHUHQGH 'HQNHQ DOV VROFKHV VLFK LP )DOOH GHU 6QGH RKQH ZHLWHUHV DXV DOWWHVWDPHQWOLFKHQ 7DWVSKlUHDXVVDJHQ KHUOHL WHQOl‰W©LVWGHPQDFK]ZHLIHOKDIWGDVHLQH%HOHJHDXVGHP$OWHQ7HVWD PHQWNHLQH3HUVRQLILNDWLRQLPSDXOLQLVFKHQ6LQQHVWW]HQ8PGDVSDXOL QLVFKH 'HQNHQ ULFKWLJ ]X HUIDVVHQ PVVHQ ZLU YHUIROJHQ ZLH 3DXOXV JHPl‰DQWLNHU5KHWRULNGDV%LOGJHIRUPWKDWGUIHQDEHUNHLQHVZHJVPR GHUQH /RJLN HUZDUWHQ =ZHL 3XQNWH VLQG GDEHL ]HQWUDO 'D LQ HLQHU 0HWD SKHU GHU XUVSUQJOLFKH 6LQQ GHV %LOGVSHQGHUV EHUWUDJHQ ZLUG GDUI HLQ ([HJHWVLFKQLFKWDQGHVVHQZ|UWOLFKH%HGHXWXQJNODPPHUQ'DUEHUKLQ DXVPVVHQZLU0HWDSKHUXQG3HUVRQLILNDWLRQVFKDUIXQWHUVFKHLGHQVRIHUQ HV DXI GLH HLQ]LJDUWLJH 3HUVRQLILNDWLRQ GHU 6QGH GXUFK 3DXOXV DQNRPPW DEHU QLFKW DXI GLH 0HWDSKHU DOV VROFKH GLH EHUDOO XQG ]X MHGHU =HLW ]X GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO*5g+6(50HWDSKRULN±   =%DD2I    $D2±   $D2   $D2±

'LHSDXOLQLVFKH3HUVRQLILNDWLRQGHUɨȥțȨȫȚțXQGLKU+LQWHUJUXQG



ILQGHQ LVW 'LHVH ]ZHL 9RUDXVVHW]XQJHQ ZHUGHQ DOV ZLFKWLJH $QVlW]H GHU XQWHQ]XIKUHQGHQ'LVNXVVLRQGLHQHQ  &KDUDNWHULVWLNDGHUSDXOLQLVFKHQ3HUVRQLILNDWLRQGHUɨȥțȨȫȚț %HPHUNHQVZHUWLVWGDVV3DXOXVLP5|PHUEULHIGHQ7DW XQG 0DFKWEHJULII JHPLVFKW EHQXW]W 1HEHQ GHP 7DWEHJULII GHU ZHJHQ GHU 3OXUDOIRUP RGHU 7UDGLWLRQVIRUPHOOHLFKW]XHUNHQQHQLVW5|P GHXWHW GLHɨȥțȨȫȚțDXFKLP5|PHUEULHIDXIHLQH7DWKLQ,Q5|PPDFKW3DX OXVGHXWOLFKGDVVGLH)XQNWLRQGHV*HVHW]HVLQGHU6QGHQHUNHQQWQLVOLHJW YJO5|P 'DEHLWULWWGLH%H]LHKXQJYRQ¾1RUP½XQG¾hEHUWUHWXQJ½ ]XWDJH(VKDQGHOWVLFKDXFKNODUXPHLQH6QGHZHQQGHU$SRVWHOLQ5|P GHILQLHUWª$OOHVZDVQLFKWDXV*ODXEHQLVWLVW6QGH©$X‰HUGHP VSULFKW3DXOXVXQZLGHUOHJEDUYRQ6QGHDOVHLQHU7DWZHQQHUHLQLJH6WHO OHQDXVGHP$OWHQ7HVWDPHQW]LWLHUW5|P'DEHLZLUGGLH6QGHYHU VWlQGOLFKHUZHLVHQLFKWSHUVRQLIL]LHUW'LHVJLOWVRJDUIU5|P±VHOEVW,Q 5|PKHL‰WGLH6QGHNDXPHLQH0DFKWZHLOGHU9HUVOHGLJOLFKHUNOlUW GDVVYRQ$GDPGLH6QGH]XPHUVWHQ0DOEHJDQJHQZXUGH'LHSDUDOOHOH %H]LHKXQJ ]ZLVFKHQ ɮ ɨȥțȨȫȚț 9v; ȟɽȪɩȤʝȟȦ XQG ȧȗȦȫȟȩ ɊȥțȨȫʙȦ GLH GXUFKGLH:HQGXQJɎȪȧȟȨ«ʙɍȫȯȩJHVLFKHUWLVWYHUDQVFKDXOLFKWGDVVHV DQGLHVHU6WHOOHXPGDV%HJHKHQGHU6QGHJHKW'LH+HUNXQIWGHU6Q GHQPDFKWLVWKLHUQLFKWWKHPDWLVLHUWYJO† VRIHUQGDV9HUE¾KLQHLQ NRPPHQ½ ȟɽȪȘȨʚʙȥțȢ  QXU HLQH ELOGKDIWH 'DUVWHOOXQJ ELHWHW 'LHV ZLUG ZLHGHUXPLQ9EEHVWlWLJWZRQDFKGHU7RGGXUFKGLH6QGHKLQHLQNDP 'DVLVWQLFKWVDQGHUHVDOVGLH3DUDSKUDVHYRQ ª6QGHDOV8UVDFKHGHV7R GHV© ZRGXUFK 3DXOXV DXI GLH 8QVWHUEOLFKNHLW $GDPV YRU GHP 6QGLJHQ DQVSLHOW YJO *HQ   'HU %HOHJ LQ 5|P EH]HLFKQHW HKHUHLQ VQG KDIWHV 9HUKDOWHQ 'DV 9HUE ɴȧȢȥȘȦȯ PLW 'DWLY EULQJW EOLFKHUZHLVH GDV %HKDUUHQ DXI HLQ $EVWUDNWXP ]XP $XVGUXFN :HLWHUKLQ LVW GLH 6QGH LQ 5|PHLQGHXWLJHLQH7DWGHQQGLH6QGHDOV0DFKWHUODXEWGHP*HVHW] NHLQH JOHLFKEHGHXWHQGH 6WHOOXQJ VRQGHUQ GLHVHV VWHKW GHU 6QGH ]XU 9HU IJXQJ3DXOXVJHKWLQ5|PGHXWOLFKYRQGHP7DWFKDUDNWHUGHU6QGH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   ' 8115RP,,   *HJHQ + 80%$&+ ,Q &KULVWXV I ( %5$1'(1%85*(5  $GDP XQG &KULVWXV ([HJHWLVFK5HOLJLRQVJHVFKLFKWOLFKH8QWHUVXFKXQJ]X5|P±.RU :0$17 1HXNLUFKHQ9OX\Q9JOGD]X†   0LW$6752%(/(UNHQQWQLVXQG%HNHQQWQLVGHU6QGHLQQHXWHVWDPHQWOLFKHU=HLW 6WXWWJDUW   'LH6QGHLQ5|P±EHUQLPPWVWHWVGLH5ROOHGHU6FKODQJHLQ*HQ'DEHLLVW GHXWOLFKDQ]XPHUNHQGDVVGLH6FKODQJHE]ZGHU6DWDQQLFKWHUVWGXUFKGHQ8QJHKRUVDP $GDPVHQWVWDQGHQLVWVRQGHUQVFKRQYRUVHLQHP6QGHQIDOOH[LVWLHUWH.XU]XP,Q5|P ZLUGGLH+HUNXQIWGHU6QGHQLFKWHUJUQGHW]XP1lKUHQV†    % $8(5 $/$1' $UW ɴȧȢȥȘȦȯ'DJHJHQ]HLJW¾GHU7RG JHJHQEHUGHU 6QGH½ LQHLQHDQGHUH3KDVHGLHGXUFKZHJDOVSDXOLQLVFK]XEHZHUWHQLVW9JO†



7HLO,,,6QGHXQG%HIUHLXQJVWKHRORJLHGHV3DXOXV

DXVLQGHPHUVLHLP3OXUDOIRUPXOLHUWZRHEHQLKUH0DFKWH[LVWHQ]HUZDU WHWZLUG$XFKZHQQZLUGLHXQNODUHQ6WHOOHQZLH5|PXQGDXVODV VHQKDEHQZLUJHQJHQGHQ*UXQGXQVDXIGHQ7DWEHJULII]XVWW]HQ  +LQJHJHQLVWGHU0DFKWDVSHNWGHU6QGH]LHPOLFKEHUUDVFKHQG'LH6QGH EHZLUNWPHLQH%HJLHUGH5|P VLHEHWUJWXQGW|WHWPLFKGXUFK*HER WH5|P VLHOlVVWPLFKQLFKWWXQZDVLFKZLOOVRQGHUQZDVLFKKDVVH 5|PI :HGHULVWGHU$XIIDVVXQJYRQ*5g+6(5]X]XVWLPPHQGDVV GLHSHUVRQLIL]LHUWH6QGHWDWVlFKOLFKDXIGHQ7DWEHJULII]XUFNJHIKUWZHU GHQNDQQQRFKGHP9HUVXFKYRQ+80%$&+GLH6QGHDOV0DFKWHLQVHL WLJ ]X EHWRQHQ 'HU 7DWEHJULII KHEW GLH 9HUDQWZRUWXQJ GHU EHWUHIIHQGHQ 0HQVFKHQ KHUYRU ZlKUHQG GHU 0DFKWEHJULII GLH 6QGH DOV 8UKHEHU GHV 6QGLJHQV LQ GHQ 9RUGHUJUXQG UFNW   'LHVH 6SDQQXQJ LVW P ( HLQ EUDXFKEDUHV .ULWHULXP DQKDQG GHVVHQ GLH %HJULIIH GHU 6QGH XQWHUVFKLH GHQZHUGHQN|QQHQ .DXP ]X EHVWUHLWHQ LVW GDVV MHGH 5KHWRULN LKUHQ HLJHQHQ =ZHFN KDW 7URSHQZLUNHQGXUFK9HUIUHPGXQJHLQHQHXH(UNHQQWQLVXQGVFKDIIHQHLQH (UZHLWHUXQJGHU(LQVLFKW(LQH3HUVRQLILNDWLRQHU]LHOWLQGHU5HJHOVWLOLVWL VFKH 6FK|QKHLW XQG OHEKDIWHQ $XVGUXFN .DQQ DXI JOHLFKHU (EHQH DOVR DXFKGLHSDXOLQLVFKH3HUVRQLILNDWLRQEHWUDFKWHWZHUGHQ"6LHNDQQQLFKWDOV QRUPDOH3HUVRQLILNDWLRQDQJHVHKHQZHUGHQZHOFKHHLQHOHEKDIWHXQGGLFK WHULVFKH'DUVWHOOXQJ]XP=ZHFNKDW3DXOXVKDWGLH7HFKQLNZRKOQLFKW]X VWLOLVWLVFKHQ =ZHFNHQ LQ GHU 3URVD DQJHZHQGHW 'DV JU|‰WH 'HIL]LW GHU 'HXWXQJHQ YRQ 5g+6(5 XQG 80%$&+ OLHJW GDULQ GDVV VLH GLH XQYHUNHQQ EDU XQWHUVFKLHGOLFKHQ $VSHNWH GHU ɨȥțȨȫȚț EDJDWHOOLVLHUW XQG GDUDXI YHU ]LFKWHWKDEHQGLHSDXOLQLVFKH$EVLFKWGDKLQWHU]XHUJUQGHQ'LHSDXOLQL VFKH3HUVRQLILNDWLRQLVWQLFKWGHVZHJHQHLQ]LJDUWLJZHLOHUHLQ$EVWUDNWXP SHUVRQLIL]LHUW'DVLVWEOLFKLQGHU$QWLNH$OOHUGLQJVWULWWGLHSDXOLQLVFKH 3HUVRQLILNDWLRQHUVWHQVGDULQKHUYRUGDVVVLH±ZLHHUZlKQW±LQ3URVDWH[ WHQ EHJHJQHW ZlKUHQG VLH VRQVW LQ GHU 5HJHO LQ GHU 3RHVLH YHUZHQGHW

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   + 80%$&+ ,Q &KULVWXV ± YJO - ' * ' 811 7KHRORJ\ ± EHV    'DV KHL‰W MHGRFK QLFKW GDVV ZLU GDGXUFK YRQ GHU 9HUDQWZRUWXQJ EHIUHLW ZHUGHQ N|QQHQ YJO 5|P  VR : ,/&.(16 5|P ,,   $XFK GHU LQQHUH .DPSI GHV ,FK LQ 5|P ± VHW]W EHUHLWV YRUDXV GDVV GLHVH 6QGH ]XP 7RG IKUW   'LH 6FKXOGYHUIDOOHQKHLWOLHJWQXQGDULQGDVVGLH7DWHQGHU&KULVWHQGHPQHXHQ6HLQLQ&KULV WXV ]XZLGHUODXIHQ ,Q GLHVHU +LQVLFKW LVW GLH $XIIDVVXQJ YRQ * 5g+6(5 GDVV GLH UHDOH 3HUVRQLILNDWLRQGHU6QGHYRQGHQ0HQVFKHQGLH9HUDQWZRUWXQJDEO|VHQLFKW]XWUHIIHQG '(560HWDSKRULN    9JO+0(5./(,16WXGLHQ,,

'LHSDXOLQLVFKH3HUVRQLILNDWLRQGHUɨȥțȨȫȚțXQGLKU+LQWHUJUXQG



ZLUG+LQ]XNRPPWGDVV3DXOXVGLH6QGHSHUVRQLIL]LHUWRKQHLKUHQ7DW EHJULII DXI]XKHEHQ ,Q GHU1LFKWDQUHFKQXQJVWKHRORJLHIXQJLHUWGDV*HVHW] DOV .ULWHULXP IU GLH 6QGH $EHU 3DXOXV HUNOlUW LQ GLHVHU QHXHQ 3KDVH GDVVGLH6QGH±JHQDXXPJHNHKUW±GDV*HVHW]]XU+HUEHLIKUXQJXQVHUHV 7RGHV QXW]W 'HU $SRVWHO EH]HLFKQHW ]XGHP GDV SRVWNRQYHUVLRQDOH 6QGL JHQDOV+HUUVFKHQGHU6QGH$OOGLHVH$VSHNWHEHJHJQHQLQGHQYRUSDXOL QLVFKHQ 4XHOOHQ QLFKW )LQGHW VLFK GLH SDXOLQLVFKH 3HUVRQLILNDWLRQ GHU 6QGHEHL3DXOXVEHUDOO"  

'LH3HUVRQLILNDWLRQGHUɨȥțȨȫȚț  LQDQGHUHQSDXOLQLVFKHQ%ULHIHQ"

 (VPXVV QXQ EHUSUIWZHUGHQ RE GLH3HUVRQLILNDWLRQGHU6QGHEHL3DX OXV HLQH DOOJHPHLQH (UVFKHLQXQJ LVW +LHUEHL PVVHQ ZLU QLFKW DOOH PLW 6QGH ]XVDPPHQKlQJHQGHQ 7HUPLQRORJLHQ ZLH ȧțȨȗʖțȪȢȩ EHKDQGHOQ GHQQGLHVHVHW]WLPPHUHLQHMHZHLOLJHNRQNUHWH1RUPYRUDXVXQGEHGHXWHW GHUHQhEHUWUHWXQJ'LH:|UWHUZLHȧțȨȗȧȫȯȥțXQGɨȥȗȨȫȠȥțZHLVHQDOV GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JO7%/: (%67(53HUVRQLILFDWLRQ±GHUGLHEHUUHGHQGHXQGGLHHUNOl UHQGH 3HUVRQLILNDWLRQ XQWHUVFKHLGHW 'LH SDXOLQLVFKH 3HUVRQLILNDWLRQ LVW P ( HLQ %HL VSLHOYRQGHUEHUUHGHQGHQ3HUVRQLILNDWLRQ   ,QGLHVHU+LQVLFKWJHOWHQGLH%HOHJHLQ*HQ6SU6LU-GW QLFKWDOV+LQWHUJUXQGGHUSDXOLQLVFKHQ3HUVRQLILNDWLRQ:LHLVWGDQQ-RK]XYHUVWH KHQª-HGHUGHUGLH6QGHWXWLVWGHU6QGH6NODYH©"'LH6WHOOHLVWP(HLQH3DXOXVUH ]HSWLRQ YJO 5 0(7=1(5 6QGH ±I YJO DXFK GLH 3DXOXVUH]HSWLRQ LQ 3HWU  XQG]ZDUDXVIROJHQGHQ*UQGHQ(UVWHQVLVWGLH5HDNWLRQGHU-XGHQLQ9ZL GHUVLQQLJ ZHLO GLH $EUDKDPVNLQGVFKDIW GLH GLH -XGHQ LQ $QVSUXFK QHKPHQ HLJHQWOLFK LKUHU.QHFKWVFKDIWQLFKWZLGHUVSUHFKHQNDQQVR5(%52:17KH*RVSHODFFRUGLQJWR -RKQ , ^±` $QF%  1HZ Y\GDVXUVSUQJOLFK+LOIHEHLHLQHP3URE OHPEHGHXWHW'LHJ|WWOLFKH¾+LOIH½ZLUGLPVRWHULRORJLVFKHQ=XVDPPHQ KDQJ DOV +HLO RGHU (UUHWWXQJ WKHRORJLVLHUW 'LHVHV DOWWHVWDPHQWOLFKH 9HU VWlQGQLV KDW GDV 8UFKULVWHQWXP EHUQRPPHQ DOV HV GDV +HLO LP &KULVWXVJHVFKHKHQDOVYROO]RJHQYHUVWDQGYJO/N$SJ 'DV ʏȲʙȥțȢ NRPPW VHOWHQHU YRU OlVVW DEHU NHLQHQ GHXWOLFKHQ 8QWHUVFKLHG HU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   (36$1'(5633/   6GLH%HOHJHYRQ6DQGHUV5|PE ±.RU.RUI7KHVV   9JODXFK)LQODQ¶V.ULWLNDQ6DQGHUV6),1/$1%DFNJURXQG±   -)6$:Y\7K:$7,,,)672/=$UW>Y\7+$7,I



7HLO,,,6QGHXQG%HIUHLXQJVWKHRORJLHGHV3DXOXV

NHQQHQ :HVHQWOLFKH 0HUNPDOH GHV ȤȲȯ VLQG EHUHLWV LQ †  HUZlKQW ZRUGHQVRIHUQGDV9HUEGHQ6WDPPȤȬȫȨELOGHW6HLQH%HGHXWXQJ¾O|VHQ½ ¾ORVELQGHQ½HUVFKOLH‰WVLFKLQ/N$SJXQGYRUDOOHPLQ$SN VRWHULRORJLVFK 'LHVH 6WHOOHQ ODVVHQ DEHU HLQ QXU XQNODUHV %LOG HUNHQQHQ XQG HLQ YHUJOHLFKEDUHU *HEUDXFK ILQGHW VLFK EHL 3DXOXV QLFKW YJO .RU   'DV 9HUE ɳʞȚȠȥȢ LVW LQ GHQ V\QRSWLVFKHQ (YDQJHOLHQ EHGHXWVDP ZHQQHVJHPHLQVDPPLWɨȥțȨȫȚțDXIWULWW'LH¾6QGHQYHUJHEXQJ½GLHEHL GHQ6\QRSWLNHUQHLQHNRQVWLWXWLYH5ROOHVSLHOWKlQJWDEHUQLFKWQXUPLWGHU 6RWHULRORJLHVRQGHUQYLHOPHKUPLWGHU&KULVWRORJLH]XVDPPHQ'DVV-HVXV 6QGHQYHUJHEHQNDQQOHLWHWEHU]XGHU)UDJHZHUHULVWYJO0N± SDU  -HVX 6HOEVWYHUVWlQGQLV DOV 0HQVFKHQVRKQ O|VW GHQ .RQIOLNW PLW GHQ 3KDULVlHUQDXVGLHLQVHLQHP$QUHFKWDXI6QGHQYHUJHEXQJHLQH%ODVSKH PLH VHKHQ YJO 0W  +LHUEHL HU|UWHUQ GLH6\QRSWLNHU IUHLOLFK QLFKWH[ SOL]LWZLH6QGHLQ-HVXVYHUJHEHQZHUGHQNDQQ (V LVW EHLQDKH XQP|JOLFK DXIJUXQG HLQHU UHLQ VHPDQWLVFKHQ $QDO\VH GDV+HLOVELOGKLQWHUGHQ9HUEHQ]XHUVFKOLH‰HQ'LH$XIJDEHKlQJWPLWGHU (UJUQGXQJ GHU QHXWHVWDPHQWOLFKHQ 6RWHULRORJLH ]XVDPPHQ GLH ZLU KLHU QLFKW ZDJHQ ZROOHQ 'DUDQ ]HLJW VLFK VFKRQ GHXWOLFK GDVV GLH 9HUEHQ DQ VLFKNHLQVLQQIlOOLJHV+HLOVELOGELHWHQ6LHOHKQHQVLFKGD]XDQVRWHULRORJL VFKH0RGHOOHRGHU6FKHPDWDDQXQGEULQJHQGDKHUMHZHLOVXQWHUVFKLHGOLFKH 6RWHULRORJLHQPLWVLFK0D:KDEHQ3DXOXVXQGGLH6\QRSWLNHUPLWGHP %HJULIIȪȯȫȠȨȚțYHUVFKLHGHQH6RWHULRORJLHQLP%OLFN$XFKZHQQGLHQHX WHVWDPHQWOLFKHQ $XWRUHQ GLHVHOEHQ9HUEHQ YHUZHQGHQ6LJQLILNDQW LQWHQ GLHUHQ VLH MHZHLOV XQWHUVFKLHGOLFKH +HLOVELOGHU 6LJQLILNDW  %HL 3DXOXV NRPPW GLH (UUHWWXQJ GH IDFWR QXU LP =XVDPPHQKDQJ PLW GHU 5HFKWIHUWL JXQJ ]XU 6SUDFKH 'LH 6\QRSWLNHU EH]HLFKQHQ PLW GHP +HLO ZRKO GLH 6QGHQYHUJHEXQJYJO0W0N/N GHU9HUIDV VHU GHV +HEUlHUEULHIHVGLH HQGJOWLJH 6KQH XQG 5XKH EHLP +RKHSULHVWHU &KULVWXVYJO+HEU± 'LHVEHGHXWHWIUHLOLFKQLFKWGDVVGLH9HUEHQLQ GHU QHXWHVWDPHQWOLFKHQ 6RWHULRORJLH QLFKW YRQ %HGHXWXQJ VHLHQ   'HU +HLOVEHJULIILQWHJULHUWGLHYLHOIlOWLJYHUWUHWHQHQ6RWHULRORJLHQGHV8UFKULV WHQWXPV VR GDVV VLH LQ -HVXV &KULVWXV NRQYHUJLHUHQ ȪȯȫȠȨȚț  6HOEVW ZHQQGLH.RQQRWDWLRQHQYDULLHUHQNRQQWH3DXOXVGDPLWGLH.RQWLQXLWlWPLW DQGHUHQXUFKULVWOLFKHQ.HU\JPDWDVLFKHUQ]XPDODOOHGDV+HLOLQ&KULVWXV DQVWUHEHQ YJO 5|P   'DV +HLOVELOG KDW ZRKO DXFK LP PLVVLRQDUL VFKHQ .RQWH[W HLQH JUXQGOHJHQGH 5ROOH JHVSLHOW ZHQQ GLH KHLGQLVFKHQ =XK|UHUDQKDQGLKUHVHLJHQHQ+HLOVELOGHVHLQHQ$QNQSIXQJVSXQNWDQGLH GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   : 5$'/ $UW Ȫ̋ʗȯ (:17 ,,,  ª5HWWXQJ NDQQ DOVR JOHLFKEHGHXWHQG VHLQ PLW5HFKWIHUWLJXQJXQG9HUV|KQXQJ©    (.b6(0$11(UZlJXQJHQ   9JO]XP*DQ]HQ:6&+5$*(+HLOXQG+HLOXQJLP1HXHQ7HVWDPHQWLQ'HUV .UHX]HVWKHRORJLHXQG(WKLNLP1HXHQ7HVWDPHQW±

'HU2UWGHU5HFKWIHUWLJXQJVOHKUHLQGHUSDXOLQLVFKHQ6RWHULRORJLH



FKULVWOLFKHQ.HU\JPDWDVXFKHQNRQQWHQ'LH&KULVWHQKHLGQLVFKHU+HUNXQIW ZXUGHQZRKOQLFKWZHJHQGHUMGLVFKHQ.XOWYRUVWHOOXQJRGHU*HVHW]HVSR OHPLN EHNHKUW VRQGHUQ YLHOPHKU ZHJHQ GHV +HLOV LQ LKQHQ :HQQ LQ GHU 0LVVLRQ SUlJQDQWH 5HGHQVDUWHQ HIIHNWLYHU DOV 'LVNXUVH ZLUNHQ N|QQHQ GDQQ EHQ GLH HUVWHUHQ GLH )XQNWLRQ DXV GLH GLH OHW]WHUHQ QLFKW DXVEHQ N|QQHQ  

'LH=HQWUDOLWlWGHU5HFKWIHUWLJXQJVOHKUH

 )DVVHQZLUQXQGDVELVKHU*HVDJWH]XVDPPHQ2EZRKOGDVVRWHULRORJLVFKH 6FKHPD YRU GHP 0RGHOO NHLQH 9RUUDQJLJNHLW DXIZHLVW YHUGLHQW VLFKHU MH QHV PHKU %HDFKWXQJ ZHLO VLFK 3DXOXV GDPLW PHKU EHVFKlIWLJW $EHU ZLU GUIHQ GDUDXV QLFKW VFKOXVVIROJHUQ GDVV VRWHULRORJLVFKH 6FKHPDWD ZLFKWL JHUDOV0RGHOOHVHLHQ'LHYRUOLHJHQGH8QWHUVXFKXQJKDWDP$QIDQJHLQH VROFKH TXDQWLWDWLYH $UJXPHQWDWLRQ EHVWULWWHQ DOV ZLU GLH 5HNRQVWUXNWLRQ GHVSDXOLQLVFKHQ:HVHQVDXVVHLQHQ%ULHIHQLQ)UDJHVWHOOWHQ:LUN|QQHQ XQVIUHLOLFKVHLQHP*HGDQNHQQXUVRZHLWQlKHUQZLHGHU$SRVWHOLKQXQV VFKULIWOLFKKLQWHUOLH‰8PGLHVH*UHQ]HP|JOLFKVW]XEHUVFKUHLWHQZXUGH LQXQVHUHUhEHUOHJXQJHLQQHXHU9HUVXFKXQWHUQRPPHQMHZHLOLJH)XQNWLR QHQGHUVRWHULRORJLVFKHQ0HWDSKHUQ]XHUPHVVHQ8QVHU(UJHEQLVOlVVWVLFK IROJHQGHUPD‰HQ IRUPXOLHUHQ 9HUVFKLHGHQH )XQNWLRQHQ XQG 6FKZHUSXQNWH GHU SDXOLQLVFKHQ 6RWHULRORJLHQ ODVVHQ VLFK NHLQHVZHJV XQWHU GHP %HJULII ¾3OXUDOLWlW½QLYHOOLHUHQ6RWHULRORJLVFKH0RGHOOHZLHGLH9HUV|KQXQJVOHKUH GLH (UO|VXQJVOHKUH X D N|QQHQ EHL 3DXOXV QLFKW YRQ VLFK DXV GDUVWHOOHQ ZLH VLFK GDV +HLOLP&KULVWXVJHVFKHKHQUHDOLVLHUW6LHZHUGHQGXUFKVRWH ULRORJLVFKH6FKHPDWDYHUYROOVWlQGLJWXQGNRQNUHWLVLHUW6WHOOWGLHVVLFKEHL 3DXOXV HLQGHXWLJ KHUDXV GDQQ VHW]W VLFK XQVHUH 7KHVH GXUFK 6RWHULRORJL VFKH0RGHOOHPHWDSKRULVLHUHQEHL3DXOXVQXUGDV(UJHEQLVGHUVRWHULRORJL VFKHQ6FKHPDWD'LHVJLOWHEHQIDOOVIUGLHPLWGHU6RWHULRORJLHYHUEXQGH QHQ 9HUEHQ GLH OHGLJOLFK GLH 5HFKWIHUWLJXQJ ]XU 6SUDFKH EULQJHQ )U 3DXOXVEHGHXWHWGDV+HLOQlPOLFKGLH5HFKWIHUWLJXQJGXUFK*ODXEHQ 'D]X NRPPW GHU HLQ]LJDUWLJH&KDUDNWHUGHV 5|PHUEULHIHV GHU DOVVRO FKHU QLFKW ]ZLQJHQG XQVHUH 3UREOHPDWLN EHOHXFKWHQ NRQQWH V R  ,Q HL QHP%ULHIPLWGHP3DXOXVVLFKHLQHUQLFKWYRQLKPJHJUQGHWHQ*HPHLQGH YRUVWHOOHQZLOOKlWWHHUNHLQHVIDOOVGHQ9HUV|KQXQJVJHGDQNHQXQGGDV(U O|VXQJVELOGVR IOFKWLJEHUKUHQN|QQHQ ZHQQ VLH LP 'HQNHQ XQG 'LHQVW GHV $SRVWHOV HLQH NRQVWLWXWLYH 5ROOH JHVSLHOW KlWWHQ 8QDEKlQJLJ YRQ GHU 9HUWHLGLJXQJ GHU 5HFKWIHUWLJXQJVOHKUH VROOWH DXI GLHVH 0RGHOOH HLQJHJDQ JHQ ZHUGHQ GD 3DXOXV LP 5|PHUEULHI GLH V\VWHPDWLVFKH 'DUVWHOOXQJ XQG GLH YHUELQGOLFKH ,QWHJUDWLRQ VHLQHV (YDQJHOLXPV LP %OLFN KDW V †   $OOHUGLQJV ZHUGHQ GLH 9HUV|KQXQJV(UO|VXQJVOHKUH GHU 5HFKWIHUWLJXQJV



7HLO,,,6QGHXQG%HIUHLXQJVWKHRORJLHGHV3DXOXV

OHKUH QXU XQWHUJHRUGQHW GLH DXV 6KQXQJVWKHRORJLH 1LFKWDQUHFKQXQJV WKHRORJLH XQG %HIUHLXQJVWKHRORJLH EHVWHKW 'LH =XVDPPHQVHW]XQJ GHU 5HFKWIHUWLJXQJVOHKUH OHXFKWHW XQV QRFK LP )ROJHQGHQ HLQ 'LH 6QGH GLH GHQ $XVJDQJVSXQNW GHU GUHL (OHPHQWH ELOGHW NDQQ DOV 0LWWH GHU SDXOLQL VFKHQ7KHRORJLH KHUYRUJHKREHQ ZHUGHQ 'DV 6QGHQYHUVWlQGQLV XQGGLH 5HFKWIHUWLJXQJVOHKUH ODVVHQ VLFK EHL 3DXOXV QLFKW YRQHLQDQGHU WUHQQHQ ZHQQ HLQHV YRQ LKQHQ ]HQWUDO LVW GDQQ LVW HV DXFK GDV DQGHUH 'LHVYHU ZHLVW XQV ZLHGHUXP DXI GLH LQ GHU 3DXOXVIRUVFKXQJ YRUKHUUVFKHQGH 9HU QDFKOlVVLJXQJGHU6QGHQSUREOHPDWLN  

)D]LW

 $XV GHP *HVDJWHQ OlVVW VLFK HQWQHKPHQ ¾'LH VRWHULRORJLVFKHQ 0RGHOOH½ ZLH9HUV|KQXQJ(UO|VXQJXQGQHXH6FK|SIXQJN|QQHQEHL3DXOXVYRQVLFK VHOEVW KHUDXV QLFKW YHUDQVFKDXOLFKHQ ZLH GDV +HLO LQ &KULVWXV ]XVWDQGH NRPPWVRQGHUQVWHOOHQPHWDSKRULVFKGDV(UJHEQLVGHU5HFKWIHUWLJXQJGDU 6LH ZHLVW LQGHV ¾VRWHULRORJLVFKH 6FKHPDWD½ DXI LQ GHQHQ GLH 6QGHQEHU ZLQGXQJ VFKZHUSXQNWPl‰LJ HQWIDOWHW ZLUG ,QIROJHGHVVHQNDQQGLH5HFKW IHUWLJXQJVOHKUHNHLQHVZHJVDOVHLQHGHUSDXOLQLVFKHQ6RWHULRORJLHQTXDOLIL ]LHUWZHUGHQGD3DXOXVMHQHPLWGLHVHQSODVWLVFKHUJlQ]WXQGYHUWLHIW'LH =HQWUDOLWlW GHU 5HFKWIHUWLJXQJVOHKUH EHZLUNW VHLQ %HPKHQ GLH 6FKHPDWD ]XHLQHU HLQKHLWOLFKHQ *U|‰H ]X LQWHJULHUHQGDPLWVLH DOVGDV (YDQJHOLXP YHUELQGOLFKYHUPLWWHOWZHUGHQN|QQHQ-HGRFKEHZDKUWGHU$SRVWHOGLHXQ WHUVFKLHGOLFK UHIOHNWLHUWHQ 6QGHQEHKHEXQJHQ LQ GHU 6KQXQJVWKHRORJLH 1LFKWDQUHFKQXQJVWKHRORJLH XQG %HIUHLXQJVWKHRORJLH GHQQ DOOH JHKHQ LQ GDV XQYHU]LFKWEDUH .HU\JPD HLQ 'DUDXI JHKHQ GLH VLFK HQLJPDWLVFK DE ]HLFKQHQGHQ$VSHNWHGHUɨȥțȨȫȚțLP5|PHUEULHI]XUFN$XIJUXQGGHVVHQ ZDVZLULQGLHVHP.DSLWHOHU|UWHUWKDEHQN|QQHQZLUGLH5HFKWIHUWLJXQJV OHKUHDXIV1HXHLQGHQ0LWWHOSXQNWGHUSDXOLQLVFKHQ6RWHULRORJLHUFNHQ 

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   'DPLW PHLQH LFK NHLQH V\VWHPDWLVFKH 8QWHURUGQXQJ ZREHL GLH 9HUV|KQXQJVOHKUH EHJULIIOLFKGHU 5HFKWIHUWLJXQJVOHKUH ]X]XRUGQHQ ZlUH(V JHKW HKHU XP HLQH IXQNWLRQDOH 8QWHURUGQXQJ GLH QXU EHL 3DXOXV VLFKWEDU VHLQ ZLUG 'LH VFKHLQEDUH 1HEHQRUGQXQJ GHU SDXOLQLVFKHQ 6RWHULRORJLHQ JHKW YRU DOOHP GDUDXI ]XUFN GDVV VLH XQWHUVFKLHGOLFKH +HU NQIWHKDEHQDEHUYRQ3DXOXV]XGHP(YDQJHOLXPLQWHJULHUWZHUGHQ   'DIU SOlGLHUW DXFK . .(57(/*( 5HFKWIHUWLJXQJ ± PLW DQGHUHQ $UJX PHQWDWLRQHQ   $XFK(- h1*(/3DXOXVXQG-HVXV±

G

   

6FKOXVVEHPHUNXQJ

  ª6RODFRJQLWLRQHQRVWUXPSHFFDWRUXPFUHGLPXVLQ&KULVWXP©6RN|QQWHQ ZLU DXIJUXQG XQVHUHU 8QWHUVXFKXQJ GHQ ]X %HJLQQ ]LWLHUWHQ 6DW] 0 /X WKHUVXPIRUPXOLHUHQ(VNRPPWQlPOLFKHUVWGDQQHLQ0HQVFK]XP*ODX EHQ ZHQQ HU VHLQ 6QGHUVHLQ HUNDQQW KDW 'LHVHU PLVVLRQDULVFK JHSUlJWH *HGDQNH HUVFKOLH‰W VLFK QXU XQDEKlQJLJ YRQ GHU FKULVWOLFKHQ .XOWXU GLH VWDUN YRQ GHU FKULVWOLFKHQ 6QGHQYRUVWHOOXQJ EHHLQIOXVVW LVW $EHU 3DXOXV YHUNQGLJWH VHLQ (YDQJHOLXP KDXSWVlFKOLFK GHQHQ GLH LQ NHLQHU :HLVH YRPFKULVWOLFKHQ6WDQGSXQNWDXVDXILKU6QGHUVHLQ]XUFNEOLFNHQNRQQWHQ 1HKPHQ ZLUGLHVHQ 7DWEHVWDQG QLFKW]XU .HQQWQLVVR NRPPHQ ZLU IROJH ULFKWLJ ]X GHU OXWKHULVFKHQ ,QWHUSUHWDWLRQ LQVRIHUQ 3DXOXV VHLQH %ULHIH LQ GHU7DWDQFKULVWOLFKH*HPHLQGHQVFKUHLEW*OHLFKZRKOVLQGZLUNDXPGHU )UDJH QDFKJHJDQJHQ ZLH GLHVH VLFK ]XP FKULVWOLFKHQ *ODXEHQ EHNHKUWHQ GXUFK ZHOFKHV YRP $SRVWHO YHUNQGLJWH .HU\JPD 'LH )UDJHVWHOOXQJ LVW YRUDOOHPYRQGHU(LQVLFKWJHVSHLVWGDVVHV3DXOXV¶KLVWRULVFKH*HVWDOWZDU GHUHQ:HVHQ VLFK QLFKW DXI GLH VFKULIWOLFKHQ =HXJQLVVHEHVFKUlQNHQ OlVVW 'DKHU OLHJW HV RIW QLFKW QDKH DXV VHLQHP 6FKUHLEHQ VHLQH ([LVWHQ] ]X UH NRQVWUXLHUHQ †   :LFKWLJ LVW YRU DOOHP GDV 3URWRNHU\JPD XP GHVVHQW ZLOOHQHUVHLQH%ULHIHYHUIDVVW6LH]LHOHQDXIGLH.RQNUHWLVLHUXQJXQG9HU WHLGLJXQJGHV3URWRNHU\JPDVGDVGLH*ODXEHQVJUXQGODJHGHUSDXOLQLVFKHQ &KULVWHQ VFKDIIW YJO .RU ±  'DVV GHU $SRVWHO VHLQ 3URWRNHU\JPD QLFKWZ|UWOLFKZLHGHUJLEWJHKWNHLQHVZHJVDXIGHVVHQ%HGHXWXQJVORVLJNHLW ]XUFNVRQGHUQYLHOPHKUGDUDXIGDVVGDV3URWRNHU\JPDEHLGHQ$GUHVVD WHQZRKOEHNDQQWLVWXQGNHLQHU:LHGHUKROXQJEHGDUI 'LHV JLOW LQVEHVRQGHUH IU GLH 6QGHQSUREOHPDWLN 'DVV 3DXOXV GDV :RUW ɨȥțȨȫȚț EHUZLHJHQG LP 5|PHUEULHI YHUZHQGHW OLHJW DXI NHLQHQ )DOODOOHLQDQGHPVLWXDWLRQVEHGLQJWHQ%HGDUI(VKlQJWHKHUPLWGHP7DW EHVWDQG]XVDPPHQGDVVGHU5|PHUEULHIIUHLQHQLFKWYRQ3DXOXVJHJUQ GHWH *HPHLQGH YHUIDVVW LVW GHUHQ %HNHKUXQJ VLFK QLFKW VHLQHP 3URWRNH U\JPD YHUGDQNW 3DXOXV OHJW GHU U|PLVFKHQ *HPHLQGH VHLQ (YDQJHOLXP JUQGOLFK YRU ZRKO XP DOV +HLGHQDSRVWHO DQHUNDQQW XQG YRQ LKU XQWHU VWW]W ]X ZHUGHQ YJO 5|P    'HU 5|PHUEULHI JLEW XQV GDKHU $XIVFKOXVV EHU GLH $QQlKHUXQJ GHV 3DXOXV DQ IUHPGH +HLGHQ E]Z GHQ $XVJDQJVSXQNW VHLQHV (YDQJHOLXPV ,P 5|PHUEULHI JHKW HU XQYHUNHQQEDU YRQ HLQHU SHVVLPLVWLVFKHQ $QWKURSRORJLH DXV XP GDV +HLO GHV XQV UHFKW IHUWLJHQGHQ *RWWHV YRU]XEHUHLWHQ 'LH +HLOVJHVFKLFKWH LVW IUXQV LQVRIHUQ



6FKOXVVEHPHUNXQJ

]HQWUDO DOV ZLU ± 6QGHU YRU *RWW ± GHP 7RGH YHUIDOOHQ VLQG †   'LH 7KHVH JHZLQQW DQ 3ODXVLELOLWlW LQ .RU ± ZR GHU $SRVWHO VHOEVW DQ JLEWGDVVVHLQ3URWRNHU\JPDGLH6KQHGHXWXQJGHV7RGHV&KULVWLEHLQKDO WHW ª,FK YHUNQGLJWH ZDV LFK HPSIDQJHQ KDWWH &KULVWXV VWDUE IU XQVHUH 6QGHQ©:LUQHQQHQGHQ ,QKDOWGHV3URWRNHU\JPDV¾6KQXQJVWKHRORJLH½ GLHYRQ3DXOXVXQGDQGHUHQ-XGHQFKULVWHQJHWHLOWZXUGH'LH6KQXQJVWKH RORJLHLVWVRZRKOIU-XGHQDOVDXFKIU+HLGHQUHOHYDQWZHLOGLH.XOWYRU VWHOOXQJ±EHUGLHHWKQLVFKH*UHQ]HKLQDXV±GLH1RWZHQGLJNHLWGHU6KQH EHNXQGHW †  XQG   'DEHL LVW ɨȥțȨȫȚțXQPLVVYHUVWlQGOLFK ¾6QGHQWDW½ GLH GXUFK GHQ 7RG &KULVWL ]X VKQHQ LVW 3DXOXV HUNOlUW MHGRFK GLHVH 6K QXQJ QLFKW QXU LQ $QDORJLH ]XP MGLVFKHQ .XOW VRQGHUQ YHUELQGHW VLH YLHOPHKUPLWVHLQHUHLJHQHQ.RQ]HSWLRQ¾GLH5HFKWIHUWLJXQJGHUJRWWORVHQ 6QGHU½†  $OOHUGLQJVYHUOLHUWGLH6KQXQJVWKHRORJLHLQGHPJDODWLVFKHQ.RQIOLNW DQ 5HOHYDQ] 'LH MXGHQFKULVWOLFKHQ *HJQHU LQ *DODWLHQ EHKDXSWHWHQ QlP OLFK'LH7HLOQDKPHDP6KQHWRG-HVXVHLRKQHNXOWEHIlKLJHQGH%HVFKQHL GXQJ QLFKW P|JOLFK GLH XQEHVFKQLWWHQHQ *DODWHU PVVWHQ VRPLW 6QGHU EOHLEHQ† 3DXOXVPXVVHLQHUVHLWVGLH$EVROXWKHLWGHV6KQHWRGHVEH WRQHQDEHUDQGHUHUVHLWVDXFKGDV*HVHW]HU|UWHUQGDVGLHVH$XIIRUGHUXQJ ]XU %HVFKQHLGXQJ EHUHFKWLJWH +LHUEHL VWHOOW GLH ɨȥțȨȫȚț QLFKW PHKU HLQH UHLQH¾6QGHQWDW½GDUVRQGHUQPHLQWHLQGHXWLJ¾hEHUWUHWXQJ½GLHGXUFKGLH 5HODWLYLHUXQJ GHV *HVHW]HV QLFKW DQJHUHFKQHW ZLUG 'LH LP *DODWHUEULHI DQJHGHXWHWH ¾1LFKWDQUHFKQXQJVWKHRORJLH½ ILQGHW HLQH QRFK WLHIHUH (QWIDO WXQJ LP 5|PHUEULHI 'DV *HVHW] GLHQW DOOHLQ GHU 6QGHQHUNHQQWQLV E]Z GHU 6QGHQGHILQLWLRQ ZREHL GDV *UXQGSULQ]LS ªQXOOD SRHQD VLQH OHJH© LQ %HWUDFKWNRPPW'LH1LFKWDQUHFKQXQJVWKHRORJLHLQWHUSUHWLHUWGHQ7RG-HVX QHXDUWLJ (LQ 7lXIOLQJ VWLUEW JHJHQEHU GHP *HVHW] VR GDVV HVNHLQH YHU ELQGOLFKH*OWLJNHLWPHKUYHUODQJHQNDQQYJO*DO±5|P±  'DV *HVHW] VFKDIIW NHLQHVZHJV GLH 6QGHQEHUZLQGXQJ GD HV HLQHUVHLWV QXUXQVHUH6QGH]XWDJH EULQJWXQG HV DQGHUHUVHLWV YRQQLHPDQGHP YROO NRPPHQHUIOOWZHUGHQNDQQ)UGLHVH$UJXPHQWDWLRQVLQGGHUDNWLYHXQG SDVVLYH $VSHNW GHV *HVHW]HV XQG GHU *HUHFKWLJNHLW EHGHXWVDP †   ,P *DODWHUEULHIEHWRQW3DXOXVNRPSURPLVVORVGHQSDVVLYHQ$VSHNWGHV*HVHW ]HV XQG GLH SDVVLYH *HUHFKWLJNHLW ZlKUHQG HU LP 5|PHUEULHI DXFK GHQ DNWLYHQ $VSHNW DQQLPPW -HGRFK VWHOOW GLHV NHLQH %HGLQJXQJ IU GDV +HLO GDUVRQGHUQVHW]WGHQFKULVWOLFKHQ*ODXEHQYRUDXV 3DXOXVZLUGPLWHLQHUIDOVFKHQ5H]HSWLRQVHLQHV(YDQJHOLXPVNRQIURQ WLHUW ZHQQ GLH *HJQHU HV VR GDUVWHOOHQ (U VWLIWH =JHOORVLJNHLW LQGHP HU EHKDXSWH GDVV 6QGH XQEHVFKUlQNW ]X VKQHQ VHL GHU $SRVWHO DQQXOOLHUH GDV *HVHW] GDGXUFK GDVV HU GHVVHQ )XQNWLRQ DXI 6QGHQHUNHQQWQLV EH VFKUlQNW †   8P GLHVH 0LVVYHUVWlQGQLVVH DXV GHP :HJ ]X UlXPHQ JHKW 3DXOXV QXQ YRQ GHU 3HUVRQLILNDWLRQ GHU ɨȥțȨȫȚț DXV 6QGLJW HLQ

6FKOXVVEHPHUNXQJ



&KULVW ZHLWHUKLQVRVWHOOW HUGHU6QGHQPDFKWVHLQHQ /HLE ]XU 9HUIJXQJ YJO5|P± 'LH6QGHQPDFKWYHUVXFKWXQV±DOVRGLH&KULVWHQ± LQGHPVLHIUDJWREZLUGDV*HVHW]QDFKGHU%HNHKUXQJHUIOOHQXQG]ZDU XPGHV+HLOVZLOOHQYJO5|P± 'HU$SRVWHODN]HQWXLHUWPLW1DFK GUXFN 7URW] XQVHUHU 6FKZDFKKHLW NDQQ XQV QLFKWV YRQ GHU /LHEH *RWWHV VFKHLGHQ GHQQ VHLQH *QDGH JHZLQQW GLH 2EHUKDQG EHU GLH 6QGHQPDFKW YJO5|P±† ,QGHU%HIUHLXQJVWKHRORJLHZLUGGLH6QGHVWHWV DOVHLQHXQVYHUVNODYHQGH¾0DFKW½GDUJHVWHOOWYRQGHUZLU]XEHIUHLHQVLQG 'LH %HIUHLXQJ VFKDIIW ± QDFK GHU hEHU]HXJXQJ GHV $SRVWHOV ± DOOHLQ GHU :DQGHOLP +HLOLJHQ *HLVW 'LH (U|UWHUXQJ LQ 5|P ±LVW VRPLW QLFKWDOV VROFKH DXI]XQHKPHQ VRQGHUQ QXU DQKDQG GHU 6RWHULRORJLH XQG 3QHXPDWR ORJLHLQ 5|P ]X GHXWHQXQWHU GHUHQ 9RUDXVVHW]XQJ GLH %HIUHLXQJVWKHR ORJLHHQWIDOWHWZLUG  ,QIROJH HLQHV hEHUEOLFNV EHU GDV ELVKHU *HVDJWH NDQQ GHU %8/70$11 VFKHQ3RVLWLRQHUQHXW]XJHVWLPPWZHUGHQ3DXOXVJHKWYRQ¾GHQ0HQVFKHQ YRU GHU 2IIHQEDUXQJ GHU SLVWLV½ DXV (QWVSUHFKHQG ZLUG GDV 6FKHPD GHU 1HZ3HUVSHFWLYH6FKXOH ]XUFNJHZLHVHQ ¾(UVW GLH /|VXQJ ± GDQQ GDV 3UREOHP½6$1'(56 6RVHKUGDV6QGHQYHUVWlQGQLVGHV3DXOXVVHLQH6R WHULRORJLH ± VRZRKO LQ VHLQHP 3URWRNHU\JPD DOV DXFK LQ GHQ %ULHIHQ ± SUlJWHVRVHKUJLOWHVDOVHUZLHVHQGDVVDXFKGLH5HFKWIHUWLJXQJVOHKUHQLFKW DOV VSlWHUH $SRORJHWLN IU KHLGQLVFKH &KULVWHQ VRQGHUQ HLQGHXWLJ DOV GLH ]HQWUDOH 9HUNQGLJXQJ GHV 3DXOXV DQ]XVHKHQ LVW 6QGH XQG 5HFKWIHUWL JXQJ JHK|UHQ QlPOLFK EHL 3DXOXV XQWUHQQEDU ]XVDPPHQ (U EHVFKUHLEW 6QGH DOV HLQ]LJDUWLJ XP ZLUNXQJVYROO DXI]X]HLJHQ ZLH GLH 5HFKWIHUWL JXQJ GHU 6QGHU ]XVWDQGH NRPPHQ NDQQ 'LH 5HFKWIHUWLJXQJVOHKUH ZLUG DOVR ZLHGHUXP DOV 0LWWH GHU SDXOLQLVFKHQ 7KHRORJLH KHUDXVJHVWHOOW GHQQ DQGHUH VRWHULRORJLVFKH 0RGHOOH ZLH GLH 9HUV|KQXQJVOHKUH XQG GHU (UO| VXQJVJHGDQNHPHWDSKRULVLHUHQQXUGDV(UJHEQLVGHU5HFKWIHUWLJXQJ†  'DUDXIKLQSIOLFKWHQZLUDXFKGHPOXWKHULVFKHQ9HUVWlQGQLV±GHU2OG3HU VSHFWLYH±EHLGDVVHLWGHQHU-DKUHQYRQGHU1HZ3HUVSHFWLYHKDUWNULWL VLHUW ZRUGHQ LVW 'LH *HJQHU GHV 3DXOXV GLH LQ GHU FKULVWOLFKHQ %HNHK UXQJVVLWXDWLRQGDV+HLOGXUFKGLH7RUDREVHUYDQ]EHIUZRUWHWHQH[LVWLHUWHQ WDWVlFKOLFK YJO †   ,Q PHLQHQ 'DUOHJXQJHQ KDEH LFK PHKUIDFK GDUDXI KLQJHZLHVHQGDVV/XWKHU3DXOXVLP*UXQGH]XWUHIIHQGYHUVWDQGHQKDW 8QVHU (UJHEQLV GHPRQVWULHUW GHV :HLWHUHQ 'DV *HVHW] HUZHLVW VLFK HKHU DOV NRQVHTXHQW ZlKUHQG GLH SDXOLQLVFKH 6QGHQYRUVWHOOXQJ ZHLWDXV ZHQLJHU IROJHULFKWLJ HUVFKHLQW-HGRFKLVW HV HLQH UHFKW REHUIOlFKOLFKH%H WUDFKWXQJ ZHQQ DXV GHP 7DW XQG 0DFKEHJULII GHU ɨȥțȨȫȚț HLQH VROFKH )ROJHUXQJJH]RJHQZLUG6LJQLILNDQWLVWQLFKWGHU%HJULIIDQVLFKVRQGHUQ GLH,QWHQWLRQGHU$XVVDJHGHV$SRVWHOV'LHSDXOLQLVFKH6QGHQYRUVWHOOXQJ GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   )RUPXOLHUXQJQDFK0: 2/7(5(LQHQHXHSDXOLQLVFKH3HUVSHNWLYHI



6FKOXVVEHPHUNXQJ

EHUHLWHW GHQ $XVJDQJVSXQNW VHLQHV (YDQJHOLXPV GHU XP MHGHQ 3UHLV JH VFKW]W ZHUGHQ PXVV :LU EUDXFKHQ GLH 5HFKWIHUWLJXQJ LQ GHP 0D‰H LQ GHPZLU6QGHUVLQG2KQHGLHVHDQWKURSRORJLVFKH9RUDXVVHW]XQJNRPPW GLH SDXOLQLVFKH 6RWHULRORJLH QLFKW DXV GD VLH VWlQGLJ GLH hEHUUHGXQJ GHU =XK|UHUVFKDIW LP %OLFN EHKlOW 6QGH LVW NHLQ UHLQ SRVWNRQYHUVLRQDOHV 3UREOHP ZHQQ GLH SDXOLQLVFKH 3DUlQHVH GDULQ 9HUELQGOLFKNHLW JHZLQQW GDVVGLH6QGHGHQ=XVWDQGYRUGHP*OlXELJZHUGHQH[SOL]LWLOOXVWULHUWYJO 5|P   3DXOXV ZLOO IUHLOLFK GDV VQGKDIWH 9HUKDOWHQ VHLQHU &KULVWHQ VWHXHUQ DEHU QLFKW DXI HWKLVFKHU (EHQH VRQGHUQ HKHU DXI VRWHULRORJLVFKHU (EHQH ,QVRIHUQ ELOGHW GDV 6QGHQYHUVWlQGQLV ± DQGHUV VRJDU DOV GLH *H VHW]HVSUREOHPDWLN ± GHQ .HUQSXQNW VHLQHU 7KHRORJLH 3DXOXV HU|UWHUW GDV *HVHW] YRU DOOHP XP VHLQH VRWHULRORJLVFKH 9RUDXVVHW]XQJ LQ 6FKXW] ]X QHKPHQ¾$OOHVLQG6QGHU½  'HUH[HJHWLVFKH%HIXQGIKUW]X]ZHLKHUPHQHXWLVFKHQ5HIOH[LRQHQL 'DV SDXOLQLVFKH6QGHQYHUVWlQGQLVJLEWHLQHQ$QKDOWVSXQNWIUGLH0LVVLRQGHU GULWWHQ:HOW'LHDEHQGOlQGLVFKDXVJHULFKWHWH9HUNQGLJXQJJHKWYRQGHP +HLOLP&KULVWXVJHVFKHKHQDXV6RVHKUGLHXQYHUJOHLFKOLFKH+HLOVJHVFKLFK WHDERYRDN]HQWXLHUWZLUGVRVHKUWULWWLKUH([NOXVLYLWlWKHUYRUVRGDVVHV RIW]X.ROOLVLRQHQPLWQLFKWPRQRWKHLVWLVFKHQ.XOWXUHQNRPPW9RQJUR‰HU 5HOHYDQ]LVWMHGRFKGHU(LQVDW]PLWGHP6QGHUVHLQGHU=XK|UHUZHLOGLH %RWVFKDIWYRUDOOHPGLH6QGHQEHUZLQGXQJIRNXVVLHUW-HVXVHUZHLVWVLFK DOV +HLODQG LQVRIHUQ HU XQVHUH 6QGHQ WUlJW 'LH %HWRQXQJ GHU DQWKURSR ORJLVFKHQ 9RUDXVVHW]XQJ KDW NHLQH 5HODWLYLHUXQJ GHU +HLOVJHVFKLFKWH ]XU )ROJH 'HQQ GLH6QGHQYRUVWHOOXQJ KHEW QLFKW GLH $QJVW YRU GHP *HULFKW KHUYRU GLH ªZHJHQ©5HODWLRQ  VRQGHUQ GLH /LHEH *RWWHVGHU XQV6QGHQ YHUJLEWGLHªWURW]©5HODWLRQ  LL  ,P FKULVWOLFKHQ /HEHQ LVW GLH *HJHQEHUVWHOOXQJ ]ZHLHU ZLGHU VSUFKOLFKHU 6WHOOXQJQDKPHQ ]XU 6QGH DXIIDOOHQG   (LQHUVHLWV KDW GLH 6QGHQSUREOHPDWLN KHXWH LKUH 5HOHYDQ] YHUORUHQ VRIHUQ QLFKW ZHQLJH &KULVWHQ GDV ¾6QGLJHQ½ DQ VLFK QLFKW PHKU VR HUQVW QHKPHQ )U VLH JLOW 6QGHDOVHLQEHUKROWHV7KHPDGDV]XUDEJHOHEWHQ5HOLJLRQVZHOWJHK|UW $QGHUHUVHLWV LVW GLHVH 7KHPDWLN DEHU QRFK GRUW DNWXHOO ZR &KULVWHQ GHQ %HJULII ¾6QGHU½ DXI DQGHUH 0LWFKULVWHQ DQZHQGHQ GLH GHU HWKLVFKHQ 5LFKWVFKQXUQLFKWHQWJHJHQNRPPHQ¾6LHVLQG6QGHUYRQGHQHQLFKPLFK DEJUHQ]HQ PXVV½ 'LHVH .RQWUDVWLHUXQJ EHVWHKW GDULQ GDV ¾6QGHUVHLQ½ QLFKWDXIVLFKVHOEVWVRQGHUQDXVVFKOLH‰OLFKDXIDQGHUH]XEH]LHKHQ1DFK 3DXOXVLVW6QGHKLQJHJHQLQNHLQHP)DOOPLWGHP&KULVWVHLQ]XYHUHLQED UHQ LQVRIHUQ GDV +HLO PLWWHOV GHU 6QGHQEHKHEXQJ ]XU 6SUDFKH NRPPW +HLOLJXQJ LVW DOVR NHQQ]HLFKQHQG IU GDV FKULVWOLFKH /HEHQ YJO 5|P   'HPJHJHQEHU VSULFKW 3DXOXV DQKDQG GHU 3HUVRQLILNDWLRQ GHU GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG GGGG   9JOGD]X:+b5/('RJPDWLN%HUOLQXD 

6FKOXVVEHPHUNXQJ



6QGHGHXWOLFKGDYRQGDVVGLH*RWWHVOLHEHQLFKWYRQXQVHUHQ+DQGOXQJHQ DEKlQJLJ LVW 6HLQH *QDGH EHVLHJW GLH 6QGHQPDFKW VR GDVV QLFKWV XQV YHUGDPPHQNDQQYJO5|P 'HUMHQLJHGHUDQGHUH0LWFKULVWHQYHUXU WHLOWYHUIHKOWGLHVHQWVSUHFKHQG(LQH*HPHLQGHLVW*HPHLQVFKDIWGHU6Q GHUGHQHQ YHUJHEHQ ZXUGH-HVXV LVW JHNRPPHQXP JHUDGHGLHVH6QGHU ]XUXIHQYJO0N  

G

     

/LWHUDWXUYHU]HLFKQLV

  'LH $ENU]XQJHQ HQWVSUHFKHQ GHU 7KHRORJLVFKHQ  5HDOHQ]\NORSlGLH 75(  $ENU ]XQJVYHU]HLFKQLVG ]XVDPPHQJHVWHOOW Y 6 0 6FKZHUWQHU  $XIO %HUOLQ  VRZLH $ENU]XQJHQ 7KHRORJLH XQG 5HOLJLRQVZLVVHQVFKDIW QDFK 5** KJ Y G 5HGDNWLRQ GHU 5**7ELQJHQ 5**%G[[O[[[Y DEJHVHKHQYRQGHQMHQLJHQGLHXQWHQLQ .ODPPHUQ YHUVHKHQ VLQG /H[LND RGHU :|UWHUEXFKDUWLNHO YRQ YHUVFKLHGHQHQ $XWRUHQ VLQG LQ GHQ $QPHUNXQJHQ YROOVWlQGLJ ]LWLHUW QLFKW DEHU LQ GLHVHP /LWHUDWXUYHU]HLFKQLV VHSDUDWDQJHJHEHQ$XIVlW]HYRQHLQHP$XWRUGLHLQHLQHP6DPPHOEDQGDEJHGUXFNWVLQG ULFKWHQVLFKLG5QDFKGHP1DPHQGHV%DQGHV   

4XHOOHQ

 D %LEHODXVJDEHQXQGIUKFKULVWOLFKH/LWHUDWXU  %LEOLD+HEUDLFD6WXWWJDUWHQVLDTXDHDQWHDFRRSHUDQWLEXV$$OWXDHG5.LWWHO(GLWLR IXGLWXVUHQRYDWDDGMXQYDQWLEXV+%DUGWNHXDFRRSHUDQWLEXV+35JHUHW-=LHJ OHUHG.(OOLJHUHW:5XGROSK7H[WXP0DVRUHWLFXPFXUDYLW+35JHUPDVRUDP HODERUDYLW * ( :HLO HGLWLR WHUWLD HPHQGDWDRSHUD : 5XGRSKHW +3 5JHU 6WXWW JDUW 6HSWXDJLQWD,GHVW9HWXV7HVWDPHQWXP*UDHFHLX[WD/;;LQWHUUSHWHVHG$5DKOIVGXR YROXPLQDLQXQR6WXWWJDUW1DFKGUGHU$XVJDEHLQ%GHYRQ  7KH %LEOH LQ $UDPDLF %DVHG RQ ROG 0DQXVFULSWV DQG SULQWHG 7H[WV  YROV HG E\ $ 6SHUEHU/HLGHQ± 3HVKLWWD7KH2OG7HVWDPHQWLQ6\ULDF$FFRUGLQJWRWKH3HVKLWWD9HUVLRQE\WKH3HVKLWWD ,QVWLWXWH/HLGHQ/HLGHQII 1RYXP 7HVWDPHQWXP *UDHFH SRVW ( 1HVWOH HW ( 1HVWOH HGLWLRQH YLFHVVLPD VHSWLPD UHYLVDFRPPXQLWHUHG%HW.$ODQGXDDSSDUDWXPFULWLFXPQRYLVFXULVHODERUD YHUXQW%HW.$ODQGXQDFXP,VWLWXWR6WXGLRUXP7H[WXV1RYL7HVWDPHQWL0RQDVWHULL :HVWSKDOLDH6WXWWJDUW 7KH*UHHN1HZ7HVWDPHQWIRUPHUHGLWLRQHGE\.$ODQGXDWKUHYHGE\%$ODQG X D LQ FRRSHUDWLRQ ZLWK WKH ,QVWLWXWH IRU 1HZ 7HVWDPHQW 7H[WXDO 5HVHDUFK 0QVWHU:HVWSKDOLD6WXWWJDUW %LEOLD6DFUD,X[WD9XOJDWDP9HUVLRQHP6WXWWJDUW 'LH%LEHO1DFKGHUhEHUVHW]XQJ0DUWLQ/XWKHUV%LEHOWH[WLQGHUUHY)DVVXQJYRQ KJ Y GHU (YDQJHOLVFKHQ .LUFKH LQ 'HXWVFKODQG XQG YRP %XQG GHU (YDQJHOLVFKHQ .LUFKHQLQGHU''56WXWWJDUW 'LH%LEHO$OWHVXQG1HXHV7HVWDPHQW(LQKHLWVEHUVHW]XQJ)UHLEXUJXD 'LH%LEHO(OEHUIHOGHUhEHUVHW]XQJUHYLGLHUWH)DVVXQJ:XSSHUWDO



/LWHUDWXUYHU]HLFKQLV

7KH%LEOH&RQWDLQLQJWKH2OGDQG1HZ7HVWDPHQWV5HYLVHG6WDQGDUG9HUVLRQ*ODVJRZ 27 17  'LH$SRVWROLVFKHQ9lWHU*ULHFKLVFKGHXWVFKH3DUDOOHODXVJDEHKJYRQ$/LQGHPDQQ+ 3DXOVHQ7ELQJHQ 1HXWHVWDPHQWOLFKH$SRNU\SKHQLQGHXWVFKHUhEHUVHW]XQJKJY:6FKQHHPHOFKHU%G  (YDQJHOLHQ %G  $SRVWROLVFKHV $SRNDO\SVHQ XQG 9HUZDQGWHV 7ELQJHQ   7HUWXOOLDQXV $GYHUVXV ,XGDHRV 0LW (LQOHLWXQJ X NULWLVFKHP .RPPHQWDU KJ Y + 7UlQNOH:LHVEDGHQ  E -GLVFKHXQGKHOOHQLVWLVFKH6FKULIWHQ  'LH7H[WHDXV4XPUDQ%G,KJY(/RKVH'DUPVWDGW %G,,KJY$6WHXGHO 'DUPVWDGW 4XPUDQ &DYH  'LVFRYHULHV LQ WKH -XGDHDQ 'HVHUW ; HG E\ ( 4LPURQ- 6WUXJQHOO 2[IRUG 'LH4XPUDQ(VVHQHU'LH7H[WHYRP7RWHQ0HHU%GHKJY-0DLHU0QFKHQ±  'LHDUDPlLVFKHQ7H[WHYRP7RWHQ0HHUVDPWGHQ,QVFKULIWHQDXVGHU.DLURHU*HQLVDGHU )DVWHQUROOHXQGGHQDOWHQWDOPXGLVFKHQ=LWDWHQKJY.%H\HU$UDPDVLWLVFKH(LQOHL WXQJ 7H[W hEHUVHW]XQJ 'HXWXQJ *UDPPDWLN:|UWHUEXFK 'HXWVFKDUDPlLVFKH :RUWOLVWH5HJLVWHU*|WWLQJHQ -GLVFKH 6FKULIWHQ DXV KHOOHQLVWLVFKU|PLVFKHU =HLW KJ Y : * .PPHO *WHUVORK II 7KH 2OG 7HVWDPHQW 3VHXGHSLJUDSKD HG E\ - + &KDUOHVZRUWK  YROV 1HZ